Citigroup Boosts Illinois Tool Works (NYSE:ITW) Price Target to $210.00

Illinois Tool Works (NYSE:ITWGet Rating) had its price objective upped by Citigroup from $191.00 to $210.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

ITW has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Illinois Tool Works from $229.00 to $189.00 and set a hold rating for the company in a report on Wednesday, July 13th. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $206.00 to $163.00 in a report on Monday, July 18th. Morgan Stanley lifted their price objective on shares of Illinois Tool Works from $182.00 to $191.00 and gave the company an underweight rating in a report on Wednesday. UBS Group cut shares of Illinois Tool Works from a buy rating to a neutral rating and dropped their price objective for the company from $243.00 to $185.00 in a report on Friday, July 8th. Finally, Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $180.00 to $187.00 and gave the stock an equal weight rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $204.00.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $210.76 on Wednesday. The company’s 50 day simple moving average is $191.92 and its 200-day simple moving average is $205.34. The company has a market capitalization of $65.64 billion, a price-to-earnings ratio of 25.00, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. Illinois Tool Works has a 1 year low of $173.52 and a 1 year high of $249.81. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.24 and a current ratio of 1.48.

Illinois Tool Works (NYSE:ITWGet Rating) last released its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.15. The business had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The business’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.10 EPS. As a group, equities research analysts expect that Illinois Tool Works will post 9.08 earnings per share for the current year.

Insider Activity

In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total value of $205,340.00. Following the completion of the transaction, the executive vice president now owns 7,803 shares in the company, valued at approximately $1,602,268.02. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Illinois Tool Works by 1.9% in the 1st quarter. BlackRock Inc. now owns 21,940,856 shares of the industrial products company’s stock valued at $4,594,412,000 after purchasing an additional 400,841 shares during the last quarter. State Street Corp raised its position in Illinois Tool Works by 1.6% in the 4th quarter. State Street Corp now owns 13,032,994 shares of the industrial products company’s stock valued at $3,232,221,000 after purchasing an additional 210,839 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Illinois Tool Works by 5.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,902,872 shares of the industrial products company’s stock valued at $1,236,063,000 after purchasing an additional 326,412 shares during the last quarter. Wellington Management Group LLP raised its position in Illinois Tool Works by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 5,547,647 shares of the industrial products company’s stock valued at $1,161,677,000 after purchasing an additional 1,189,751 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Illinois Tool Works by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 5,048,788 shares of the industrial products company’s stock valued at $1,242,988,000 after purchasing an additional 104,469 shares during the last quarter. Institutional investors and hedge funds own 79.03% of the company’s stock.

Illinois Tool Works Company Profile

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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.

Further Reading

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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