Wells Fargo & Company Cuts Illinois Tool Works (NYSE:ITW) Price Target to $245.00

Illinois Tool Works (NYSE:ITW) had its price objective cut by stock analysts at Wells Fargo & Company from $250.00 to $245.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 3.09% from the stock’s current price.

A number of other equities analysts have also recently issued reports on ITW. Barclays lowered their target price on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Citigroup lowered their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Truist Financial boosted their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $272.11.

Illinois Tool Works Trading Down 0.6 %

Shares of ITW stock traded down $1.42 during trading hours on Thursday, reaching $252.82. The company had a trading volume of 226,848 shares, compared to its average volume of 951,664. The company has a 50 day moving average of $260.77 and a 200 day moving average of $257.12. The firm has a market cap of $74.66 billion, a price-to-earnings ratio of 21.86, a P/E/G ratio of 3.61 and a beta of 1.11. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. On average, equities research analysts anticipate that Illinois Tool Works will post 10.14 EPS for the current year.

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds have recently added to or reduced their stakes in the business. Sugar Maple Asset Management LLC acquired a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. True Wealth Design LLC increased its position 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 valued at $30,000 after purchasing an additional 106 shares during the period. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $32,000. Ulland Investment Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at $33,000. Finally, Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works during the third quarter valued at $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.