Illinois Tool Works (ITW) Downgraded to Market Perform at BMO Capital Markets

Illinois Tool Works (NYSE:ITW) was downgraded by equities research analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday. They currently have a $180.00 target price on the industrial products company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 8.46% from the stock’s previous close. The analysts noted that the move was a valuation call.

Other analysts have also issued reports about the company. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $147.00 price target (up from $136.00) on shares of Illinois Tool Works in a research note on Monday, October 2nd. Bank of America began coverage on Illinois Tool Works in a research note on Monday, December 11th. They issued a “buy” rating and a $190.00 price target on the stock. JPMorgan Chase & Co. raised Illinois Tool Works from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $132.00 to $140.00 in a research note on Tuesday, October 10th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $143.00 price target on shares of Illinois Tool Works in a research note on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $166.13.

Shares of Illinois Tool Works (NYSE:ITW) traded up $0.69 during trading hours on Thursday, hitting $165.96. The stock had a trading volume of 1,547,400 shares, compared to its average volume of 1,414,200. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.41 and a quick ratio of 1.98. The firm has a market capitalization of $56,840.00, a price-to-earnings ratio of 25.45, a PEG ratio of 2.27 and a beta of 1.18. Illinois Tool Works has a 12-month low of $120.06 and a 12-month high of $169.69.

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

In related news, VP Norman D. Jr. Finch acquired 4,986 shares of the stock in a transaction on Wednesday, October 25th. The shares were bought at an average price of $156.34 per share, with a total value of $779,511.24. Following the completion of the purchase, the vice president now owns 4,371 shares of the company’s stock, valued at approximately $683,362.14. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven L. Martindale sold 64,818 shares of the business’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $157.19, for a total value of $10,188,741.42. Following the transaction, the insider now directly owns 95,328 shares in the company, valued at approximately $14,984,608.32. The disclosure for this sale can be found here. Insiders have sold 214,791 shares of company stock worth $34,665,964 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Omnia Family Wealth LLC lifted its stake in shares of Illinois Tool Works by 0.3% in the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 2 shares during the last quarter. Hudock Capital Group LLC lifted its stake in shares of Illinois Tool Works by 0.5% in the 2nd quarter. Hudock Capital Group LLC now owns 1,059 shares of the industrial products company’s stock valued at $151,000 after purchasing an additional 5 shares during the last quarter. Laurel Wealth Advisors Inc. lifted its stake in shares of Illinois Tool Works by 0.3% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 3,638 shares of the industrial products company’s stock valued at $521,000 after purchasing an additional 10 shares during the last quarter. Rowland & Co. Investment Counsel ADV lifted its stake in shares of Illinois Tool Works by 0.4% in the 2nd quarter. Rowland & Co. Investment Counsel ADV now owns 3,607 shares of the industrial products company’s stock valued at $518,000 after purchasing an additional 13 shares during the last quarter. Finally, Salem Investment Counselors Inc. lifted its stake in shares of Illinois Tool Works by 1.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock valued at $129,000 after purchasing an additional 17 shares during the last quarter. 74.70% 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.

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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