Citigroup Has Lowered Expectations for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its price objective reduced by equities researchers at Citigroup from $279.00 to $265.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price target points to a potential upside of 6.89% from the company’s previous close.

Several other research analysts have also recently commented on the company. Barclays reduced their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Jefferies Financial Group raised their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Truist Financial raised their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company cut their price objective on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Finally, Stifel Nicolaus raised their price objective on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $270.11.

Illinois Tool Works Stock Up 1.2 %

NYSE ITW traded up $3.01 during trading hours on Monday, hitting $247.91. 264,560 shares of the company traded hands, compared to its average volume of 797,536. The business’s 50-day moving average is $265.91 and its 200-day moving average is $255.10. Illinois Tool Works has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock has a market capitalization of $73.21 billion, a price-to-earnings ratio of 21.45, a P/E/G ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the prior year, the firm posted $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Illinois Tool Works will post 10.13 earnings per share for the current year.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently added to or reduced their stakes in ITW. Fairscale Capital LLC bought a new position in Illinois Tool Works during the 2nd quarter worth $30,000. True Wealth Design LLC increased its stake in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the 3rd quarter worth $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the 3rd quarter worth $35,000. Finally, Meeder Asset Management Inc. increased its stake in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the period. Institutional investors own 79.77% of the company’s stock.

About Illinois Tool Works

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.