Illinois Tool Works (NYSE:ITW) Downgraded by Zacks Investment Research

Illinois Tool Works (NYSE:ITW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, January 9th.

According to Zacks, “In the last three months, Illinois Tool Works' shares have outperformed the industry. We believe that the company is well positioned to benefit from its solid product portfolio, strengthening foothold in various end markets and strategic initiatives to improve margins. From 2018 to 2022, the company expects organic revenue growth to be in the 3-5% range, operating margin to be in excess of 25% and earnings per share to grow 8-10% in each year. For 2018, the company anticipates GAAP earnings to be within $7.05-$7.25 per share, organic revenue growth to be 3-4% and operating margin to be 25-25.5%. The projections for 2017 have been reaffirmed, with earnings per share still anticipated to be $6.62-$6.72. However, the company is exposed to headwinds including unfavorable foreign currency movements, industry rivalry, volatilities in input price & supply and economic uncertainties.”

A number of other brokerages have also commented on ITW. Bank of America assumed coverage on shares of Illinois Tool Works in a research report on Monday, December 11th. They set a “buy” rating and a $190.00 price objective for the company. BMO Capital Markets lowered shares of Illinois Tool Works from an “outperform” rating to a “market perform” rating and set a $180.00 price objective for the company. in a research report on Thursday, January 4th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Illinois Tool Works in a research report on Tuesday, December 5th. Robert W. Baird reissued a “hold” rating and issued a $160.00 price target on shares of Illinois Tool Works in a research report on Sunday, December 3rd. Finally, Wells Fargo & Co set a $190.00 price target on shares of Illinois Tool Works and gave the stock a “buy” rating in a research report on Monday, December 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $168.06.

Illinois Tool Works (ITW) traded up $1.52 during mid-day trading on Tuesday, reaching $170.52. 953,200 shares of the company’s stock were exchanged, compared to its average volume of 1,320,278. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.41 and a quick ratio of 1.98. Illinois Tool Works has a one year low of $122.25 and a one year high of $171.52. The company has a market capitalization of $58,660.00, a PE ratio of 26.15, a price-to-earnings-growth ratio of 2.35 and a beta of 1.18.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.20. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a net margin of 16.12% and a return on equity of 47.21%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 earnings per share. equities analysts forecast that Illinois Tool Works will post 6.7 earnings per share for the current fiscal year.

In other news, EVP Juan Valls sold 48,622 shares of Illinois Tool Works stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total transaction of $7,620,526.06. Following the transaction, the executive vice president now directly owns 71,101 shares of the company’s stock, valued at $11,143,659.73. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Harold B. Smith sold 30,000 shares of Illinois Tool Works stock in a transaction on Friday, December 8th. The stock was sold at an average price of $166.43, for a total transaction of $4,992,900.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 214,791 shares of company stock worth $34,665,964. Insiders own 0.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Oakworth Capital Inc. raised its holdings in shares of Illinois Tool Works by 8.9% during the second quarter. Oakworth Capital Inc. now owns 2,024 shares of the industrial products company’s stock worth $290,000 after acquiring an additional 165 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Illinois Tool Works by 46.1% during the second quarter. Stratos Wealth Partners LTD. now owns 22,986 shares of the industrial products company’s stock worth $3,293,000 after acquiring an additional 7,250 shares during the period. Telemus Capital LLC acquired a new stake in shares of Illinois Tool Works during the second quarter worth $214,000. Korea Investment CORP raised its holdings in shares of Illinois Tool Works by 0.5% during the second quarter. Korea Investment CORP now owns 490,896 shares of the industrial products company’s stock worth $70,321,000 after acquiring an additional 2,379 shares during the period. Finally, Capital Investment Advisory Services LLC raised its holdings in shares of Illinois Tool Works by 10.7% during the second quarter. Capital Investment Advisory Services LLC now owns 2,170 shares of the industrial products company’s stock worth $311,000 after acquiring an additional 209 shares during the period. 74.73% of the stock is currently owned by institutional investors.

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Illinois Tool Works Company Profile

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

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