Illinois Tool Works Inc. (NYSE:ITW) was downgraded by J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $132.00 target price on the industrial products company’s stock. J P Morgan Chase & Co’s price objective would suggest a potential downside of 3.08% from the stock’s current price.

ITW has been the subject of several other research reports. BidaskClub lowered Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a research report on Monday, July 10th. Barclays PLC lifted their price target on Illinois Tool Works from $123.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target for the company in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $155.00 price target on shares of Illinois Tool Works in a research report on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $151.08.

Shares of Illinois Tool Works (ITW) traded down 2.74% during midday trading on Thursday, reaching $136.19. The company had a trading volume of 1,633,307 shares. The firm has a market capitalization of $46.87 billion, a price-to-earnings ratio of 22.04 and a beta of 1.11. The stock has a 50-day moving average of $142.70 and a 200 day moving average of $137.72. Illinois Tool Works has a 52 week low of $111.50 and a 52 week high of $150.29.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.63 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $1.46 earnings per share. On average, analysts anticipate that Illinois Tool Works will post $6.46 earnings per share for the current year.

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In related news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the sale, the insider now owns 55,878 shares in the company, valued at $8,046,432. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $140.62, for a total value of $7,375,097.14. Following the completion of the sale, the chief financial officer now owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The disclosure for this sale can be found here. Insiders sold 100,664 shares of company stock valued at $14,329,625 in the last quarter. 0.90% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in ITW. BlackRock Inc. raised its stake in shares of Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after buying an additional 18,221,359 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Illinois Tool Works by 2,939.8% in the second quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock worth $537,498,000 after buying an additional 3,628,722 shares during the last quarter. Koch Industries Inc. increased its position in shares of Illinois Tool Works by 31,484.3% in the second quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock worth $763,000 after buying an additional 765,699 shares during the period. HPM Partners LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $95,987,000. Finally, Parametric Portfolio Associates LLC increased its position in shares of Illinois Tool Works by 100.8% in the second quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock worth $201,869,000 after buying an additional 707,287 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

About Illinois Tool Works

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.

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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