Illinois Tool Works Inc. (ITW) Given a $170.00 Price Target at Wells Fargo & Company
Illinois Tool Works Inc. (NYSE:ITW) received a $170.00 price objective from equities researchers at Wells Fargo & Company in a research report issued on Monday. The firm currently has a “buy” rating on the industrial products company’s stock. Wells Fargo & Company’s price objective indicates a potential upside of 11.24% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other equities analysts have also weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $140.00 target price (up from $136.00) on shares of Illinois Tool Works in a research report on Monday, July 10th. BidaskClub lowered Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. BMO Capital Markets reaffirmed a “buy” rating and set a $160.00 target price on shares of Illinois Tool Works in a research report on Thursday, July 20th. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Finally, Royal Bank Of Canada upped their target price on Illinois Tool Works from $141.00 to $143.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $153.87.
Shares of Illinois Tool Works (NYSE:ITW) traded up 0.27% during trading on Monday, hitting $153.24. 72,293 shares of the stock traded hands. The firm has a market cap of $52.74 billion, a P/E ratio of 24.80 and a beta of 1.12. Illinois Tool Works has a 52 week low of $111.50 and a 52 week high of $154.38. The company has a 50-day moving average of $145.40 and a 200-day moving average of $141.47.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. Illinois Tool Works’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works will post $6.47 EPS for the current fiscal year.
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In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in ITW. Northstar Investment Advisors LLC grew its stake in Illinois Tool Works by 0.9% in the 1st quarter. Northstar Investment Advisors LLC now owns 81,908 shares of the industrial products company’s stock valued at $10,850,000 after purchasing an additional 711 shares during the period. Teza Capital Management LLC bought a new position in Illinois Tool Works in the 1st quarter valued at $1,908,000. Lincoln National Corp grew its stake in Illinois Tool Works by 38.4% in the 1st quarter. Lincoln National Corp now owns 4,000 shares of the industrial products company’s stock valued at $530,000 after purchasing an additional 1,109 shares during the period. Karp Capital Management Corp bought a new position in Illinois Tool Works in the 1st quarter valued at $27,275,000. Finally, Sei Investments Co. grew its stake in Illinois Tool Works by 24.3% in the 1st quarter. Sei Investments Co. now owns 130,366 shares of the industrial products company’s stock valued at $17,270,000 after purchasing an additional 25,517 shares during the period. Hedge funds and other institutional investors own 74.76% 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.
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