Zacks Investment Research Lowers Illinois Tool Works Inc. (NYSE:ITW) to Hold

Illinois Tool Works Inc. (NYSE:ITW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday, October 30th.

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. In third-quarter 2017, earnings of $1.71 per share surpassed its Zacks Consensus Estimates by 3.64%. Businesses in six of seven segments were strong. For 2017, the company anticipates earnings to be within $6.62-$6.72 per share, reflecting 25 cents growth at mid-point. Organic revenue growth is expected to be 2-3% while total revenues are projected to be roughly $14.3 billion. Enterprise initiatives are likely to contribute 100 basis points (bps) to operating margin growth. However, the company is exposed to headwinds including unfavorable foreign currency movements, industry rivalry, volatilities in input price & supply and economic uncertainties.”

ITW has been the subject of a number of other research reports. Argus reiterated a “buy” rating and issued a $180.00 price target (up previously from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. Credit Suisse Group set a $141.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Tuesday, July 25th. Citigroup Inc. reiterated a “buy” rating and issued a $171.00 price target (up previously from $162.00) on shares of Illinois Tool Works in a research note on Monday, October 9th. Morgan Stanley increased their price objective on shares of Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 24th. Finally, Wells Fargo & Company set a $170.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Monday, October 16th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $157.27.

Shares of Illinois Tool Works (NYSE ITW) traded up $0.79 during trading hours on Monday, reaching $157.14. 757,000 shares of the company’s stock traded hands, compared to its average volume of 1,104,450. 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 1 year low of $120.06 and a 1 year high of $159.36. The company has a market capitalization of $53,836.01, a P/E ratio of 24.94, a PEG ratio of 2.35 and a beta of 1.16.

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

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In other Illinois Tool Works news, VP Norman D. Jr. Finch purchased 4,986 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was acquired at an average price of $156.34 per share, for a total transaction of $779,511.24. Following the purchase, the vice president now owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven L. Martindale sold 64,818 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the sale, the insider now owns 95,328 shares of the company’s stock, valued at approximately $14,984,608.32. The disclosure for this sale can be found here. Insiders sold a total of 126,506 shares of company stock valued at $19,801,832 in the last quarter. 0.90% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Omnia Family Wealth LLC boosted its holdings in Illinois Tool Works by 0.3% during the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after acquiring an additional 2 shares during the last quarter. Hudock Capital Group LLC boosted its holdings in Illinois Tool Works by 0.5% during the 2nd quarter. Hudock Capital Group LLC now owns 1,059 shares of the industrial products company’s stock worth $151,000 after acquiring an additional 5 shares during the last quarter. Laurel Wealth Advisors Inc. boosted its holdings in Illinois Tool Works by 0.3% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 3,638 shares of the industrial products company’s stock worth $521,000 after acquiring an additional 10 shares during the last quarter. Washington Trust Bank boosted its holdings in Illinois Tool Works by 1.1% during the 2nd quarter. Washington Trust Bank now owns 977 shares of the industrial products company’s stock worth $140,000 after acquiring an additional 11 shares during the last quarter. Finally, Rowland & Co. Investment Counsel ADV boosted its holdings in Illinois Tool Works by 0.4% during the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 3,607 shares of the industrial products company’s stock worth $518,000 after acquiring an additional 13 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

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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Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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