Illinois Tool Works Inc. (NYSE:ITW) Given Average Rating of “Reduce” by Brokerages

Shares of Illinois Tool Works Inc. (NYSE:ITW) have earned an average recommendation of “Reduce” from the fourteen brokerages that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $261.0769.

Several brokerages have recently issued reports on ITW. Truist Financial reduced their price objective on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research note on Monday, October 27th. Deutsche Bank Aktiengesellschaft increased their price target on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a research note on Monday, October 27th. The Goldman Sachs Group lowered shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and cut their target price for the stock from $258.00 to $230.00 in a research note on Tuesday, December 16th. Finally, Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 7th.

Insider Activity

In related news, Director Pamela B. Strobel sold 1,521 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the transaction, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ITW. Brendel Financial Advisors LLC raised its holdings in Illinois Tool Works by 1,328.6% during the third quarter. Brendel Financial Advisors LLC now owns 13,929 shares of the industrial products company’s stock worth $3,632,000 after purchasing an additional 12,954 shares during the last quarter. Davis Capital Management purchased a new position in shares of Illinois Tool Works in the third quarter valued at $1,162,000. Illinois Municipal Retirement Fund raised its stake in shares of Illinois Tool Works by 39.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock worth $16,674,000 after buying an additional 19,102 shares during the last quarter. Level Four Advisory Services LLC grew its stake in Illinois Tool Works by 16.3% in the 2nd quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock valued at $2,888,000 after acquiring an additional 1,638 shares during the last quarter. Finally, Huntleigh Advisors Inc. increased its holdings in Illinois Tool Works by 111.2% during the 3rd quarter. Huntleigh Advisors Inc. now owns 16,276 shares of the industrial products company’s stock valued at $4,244,000 after acquiring an additional 8,569 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $262.70 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 2.39. Illinois Tool Works has a 52-week low of $214.66 and a 52-week high of $278.13. The firm has a market cap of $76.21 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 13.83 and a beta of 1.15. The company’s 50 day moving average is $253.06 and its two-hundred day moving average is $254.92.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.