JPMorgan Chase & Co. Downgrades Illinois Tool Works (ITW) to Underweight

Illinois Tool Works (NYSE:ITW) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Thursday, Marketbeat.com reports. They presently have a $120.00 price objective on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 7.91% from the stock’s previous close.

Several other equities research analysts have also issued reports on ITW. Zacks Investment Research raised Illinois Tool Works from a “sell” rating to a “hold” rating in a research report on Monday, September 17th. ValuEngine lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. Gordon Haskett initiated coverage on Illinois Tool Works in a research report on Friday, October 12th. They issued a “hold” rating on the stock. Wells Fargo & Co reaffirmed a “buy” rating and issued a $150.00 target price (down from $160.00) on shares of Illinois Tool Works in a research report on Wednesday, October 17th. Finally, Seaport Global Securities lowered Illinois Tool Works from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $170.00 to $132.00 in a research report on Thursday, October 25th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $143.94.

ITW stock opened at $130.31 on Thursday. The company has a current ratio of 1.62, a quick ratio of 1.26 and a debt-to-equity ratio of 1.71. The company has a market cap of $43.13 billion, a P/E ratio of 19.77, a PEG ratio of 1.62 and a beta of 1.22. Illinois Tool Works has a 12-month low of $117.75 and a 12-month high of $179.07.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.02. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.72 billion. Illinois Tool Works had a return on equity of 63.11% and a net margin of 12.69%. The business’s revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 EPS. Sell-side analysts expect that Illinois Tool Works will post 7.6 earnings per share for the current year.

In other news, CEO Ernest Scott Santi sold 108,885 shares of the stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $133.19, for a total value of $14,502,393.15. Following the completion of the transaction, the chief executive officer now owns 149,777 shares of the company’s stock, valued at $19,948,798.63. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 58,736 shares of the stock in a transaction on Tuesday, December 11th. The stock was sold at an average price of $132.91, for a total value of $7,806,601.76. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Moody National Bank Trust Division boosted its stake in Illinois Tool Works by 100.0% during the fourth quarter. Moody National Bank Trust Division now owns 420 shares of the industrial products company’s stock valued at $54,000 after buying an additional 210 shares in the last quarter. SRS Capital Advisors Inc. boosted its stake in Illinois Tool Works by 540.9% during the third quarter. SRS Capital Advisors Inc. now owns 737 shares of the industrial products company’s stock valued at $104,000 after buying an additional 622 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in Illinois Tool Works by 220.1% during the third quarter. Capital Advisors Ltd. LLC now owns 797 shares of the industrial products company’s stock valued at $112,000 after buying an additional 548 shares in the last quarter. Valley National Advisers Inc. boosted its stake in Illinois Tool Works by 180.4% during the third quarter. Valley National Advisers Inc. now owns 875 shares of the industrial products company’s stock valued at $123,000 after buying an additional 563 shares in the last quarter. Finally, Camarda Financial Advisors LLC bought a new position in Illinois Tool Works during the third quarter valued at about $141,000. 76.41% of the stock is owned by institutional investors.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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