Jefferies Financial Group Cuts Illinois Tool Works (NYSE:ITW) Price Target to $240.00

Illinois Tool Works (NYSE:ITW) had its price target cut by investment analysts at Jefferies Financial Group from $275.00 to $240.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “hold” rating on the industrial products company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 0.09% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Truist Financial lowered their price objective on shares of Illinois Tool Works from $305.00 to $283.00 and set a “buy” rating for the company in a research note on Tuesday, July 2nd. Barclays lowered their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating for the company in a research report on Tuesday, June 4th. Wells Fargo & Company cut their price objective on Illinois Tool Works from $244.00 to $230.00 and set an “underweight” rating on the stock in a report on Wednesday. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Citigroup raised their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $251.20.

Illinois Tool Works Trading Up 1.6 %

Illinois Tool Works stock traded up $3.88 during trading on Thursday, hitting $239.79. The company’s stock had a trading volume of 107,661 shares, compared to its average volume of 1,169,544. The stock’s fifty day moving average is $241.38 and its 200 day moving average is $252.52. Illinois Tool Works has a 1-year low of $217.50 and a 1-year high of $271.15. The stock has a market capitalization of $71.55 billion, a price-to-earnings ratio of 23.65, a P/E/G ratio of 3.45 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

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, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company posted $2.33 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Illinois Tool Works will post 10.19 EPS for the current year.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now directly owns 121,506 shares in the company, valued at $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Illinois Tool Works

Several large investors have recently added to or reduced their stakes in ITW. Norges Bank bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $818,408,000. Vanguard Group Inc. raised its stake in shares of Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares in the last quarter. Alecta Tjanstepension Omsesidigt lifted its stake in shares of Illinois Tool Works by 150.0% in the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,125,000 shares of the industrial products company’s stock worth $294,671,000 after acquiring an additional 675,000 shares during the period. Corient Private Wealth LLC raised its stake in shares of Illinois Tool Works by 122.7% in the 4th quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after buying an additional 346,919 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Illinois Tool Works by 23,183.6% during the fourth quarter. International Assets Investment Management LLC now owns 315,260 shares of the industrial products company’s stock worth $82,579,000 after buying an additional 313,906 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

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.