Wells Fargo & Company Has Lowered Expectations for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its price objective decreased by equities researchers at Wells Fargo & Company from $260.00 to $250.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 0.34% from the company’s previous close.

Several other brokerages also recently issued reports on ITW. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Truist Financial lifted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Barclays upgraded shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Finally, Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Three 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $268.50.

Illinois Tool Works Stock Up 0.2 %

ITW stock traded up $0.50 during midday trading on Tuesday, hitting $250.86. The company’s stock had a trading volume of 128,239 shares, compared to its average volume of 628,012. Illinois Tool Works has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a 50-day simple moving average of $267.01 and a 200-day simple moving average of $254.89. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $74.08 billion, a P/E ratio of 21.70, a PEG ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts forecast that Illinois Tool Works will post 10.13 EPS for the current year.

Institutional Trading of Illinois Tool Works

Institutional investors and hedge funds have recently modified their holdings of the business. Strategic Financial Concepts LLC acquired a new stake in Illinois Tool Works during the second quarter worth approximately $44,000. Acadian Asset Management LLC grew its stake in Illinois Tool Works by 2,440.0% during the second quarter. Acadian Asset Management LLC now owns 81,991 shares of the industrial products company’s stock worth $19,419,000 after buying an additional 78,763 shares during the period. PFG Investments LLC raised its stake in shares of Illinois Tool Works by 2.1% in the 2nd quarter. PFG Investments LLC now owns 3,948 shares of the industrial products company’s stock valued at $935,000 after acquiring an additional 80 shares during the period. Choreo LLC lifted its holdings in shares of Illinois Tool Works by 70.6% during the 2nd quarter. Choreo LLC now owns 18,597 shares of the industrial products company’s stock valued at $4,344,000 after acquiring an additional 7,695 shares in the last quarter. Finally, LGT Fund Management Co Ltd. purchased a new stake in Illinois Tool Works during the 2nd quarter worth $948,000. 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.