Illinois Tool Works (NYSE:ITW) PT Raised to $305.00 at Truist Financial

Illinois Tool Works (NYSE:ITW) had its price target upped by Truist Financial from $303.00 to $305.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target suggests a potential upside of 24.94% from the company’s previous close.

ITW has been the topic of several other research reports. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Bank of America cut shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays increased their price objective on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $257.44.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $244.11 on Wednesday. The firm’s 50 day moving average is $259.72 and its two-hundred day moving average is $251.79. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15. The firm has a market capitalization of $72.93 billion, a P/E ratio of 25.06, a PEG ratio of 3.67 and a beta of 1.13. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.03 billion. During the same quarter last year, the business earned $2.33 earnings per share. Illinois Tool Works’s revenue was down 1.1% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works will post 10.12 earnings per share for the current year.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $254.83, for a total transaction of $12,741,500.00. Following the completion of the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,471 shares of company stock worth $48,712,316. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITW. Norges Bank purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $818,408,000. Vanguard Group Inc. raised its holdings in shares of Illinois Tool Works by 5.0% during the 3rd quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt raised its holdings in shares of Illinois Tool Works by 150.0% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock valued at $294,671,000 after purchasing an additional 675,000 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Illinois Tool Works by 122.7% during the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock valued at $164,927,000 after purchasing an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Illinois Tool Works by 23,183.6% during the 4th quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock valued at $82,579,000 after purchasing an additional 313,906 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.