Illinois Tool Works Inc. (ITW) Earns “Buy” Rating from Argus
Illinois Tool Works Inc. (NYSE:ITW)‘s stock had its “buy” rating restated by equities researchers at Argus in a research note issued on Tuesday. They currently have a $180.00 target price on the industrial products company’s stock, up from their prior target price of $160.00. Argus’ target price indicates a potential upside of 15.75% from the company’s current price.
A number of other research firms have also recently issued reports on ITW. Royal Bank Of Canada lifted their target price on Illinois Tool Works from $143.00 to $155.00 and gave the company a “sector perform” rating in a research report on Tuesday. Stifel Nicolaus decreased their target price on Illinois Tool Works from $162.00 to $158.00 and set a “hold” rating on the stock in a research report on Tuesday. Wells Fargo & Company set a $170.00 target price on 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. J P Morgan Chase & Co upgraded Illinois Tool Works from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $132.00 to $140.00 in a research report on Tuesday, October 10th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $171.00 target price (up previously from $162.00) on shares of Illinois Tool Works in a research report on Monday, October 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $156.67.
Shares of Illinois Tool Works (NYSE:ITW) traded up 1.54% on Tuesday, reaching $157.90. 1,258,614 shares of the company traded hands. The company has a market capitalization of $54.34 billion, a P/E ratio of 25.55 and a beta of 1.12. The firm’s 50 day moving average is $148.07 and its 200 day moving average is $142.44. Illinois Tool Works has a one year low of $111.50 and a one year high of $158.26.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Monday, October 23rd. The industrial products company reported $1.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.06. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the previous year, the business posted $1.50 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts expect that Illinois Tool Works will post $6.46 earnings per share for the current fiscal year.
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In related news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.90% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Illinois Tool Works by 2.3% in the second quarter. Vanguard Group Inc. now owns 22,627,699 shares of the industrial products company’s stock worth $3,241,417,000 after acquiring an additional 500,583 shares during the period. BlackRock Inc. lifted its stake in shares of Illinois Tool Works by 5.8% in the second quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock worth $2,927,540,000 after acquiring an additional 1,118,381 shares during the period. FMR LLC lifted its stake in shares of Illinois Tool Works by 13.7% in the second quarter. FMR LLC now owns 3,920,539 shares of the industrial products company’s stock worth $561,618,000 after acquiring an additional 471,369 shares during the period. Janus Henderson Group PLC lifted 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 acquiring an additional 3,628,722 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Illinois Tool Works by 7.1% in the first quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock worth $408,069,000 after acquiring an additional 203,294 shares during the period. 74.73% of the stock is currently owned by institutional investors.
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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