StockNews.com Upgrades Illinois Tool Works (NYSE:ITW) to “Buy”

Illinois Tool Works (NYSE:ITW) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.

A number of other equities analysts have also weighed in on the stock. Truist Financial boosted their price target on shares of Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Barclays cut their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a report on Tuesday, June 4th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Wells Fargo & Company reduced their price target on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $254.00.

Illinois Tool Works Stock Up 0.9 %

ITW stock opened at $235.52 on Monday. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The firm has a 50-day simple moving average of $243.18 and a 200-day simple moving average of $253.66. The stock has a market capitalization of $70.28 billion, a P/E ratio of 23.23, a P/E/G ratio of 3.48 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. Illinois Tool Works’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.33 EPS. Equities analysts forecast that Illinois Tool Works will post 10.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the business’s stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the transaction, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds have recently added to or reduced their stakes in the stock. Turtle Creek Wealth Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 4th quarter valued at $26,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 4th quarter worth $28,000. Security National Bank purchased a new position in Illinois Tool Works during the 4th quarter worth $28,000. Finally, Bruce G. Allen Investments LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $29,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.