Truist Financial Increases Illinois Tool Works (NYSE:ITW) Price Target to $305.00

Illinois Tool Works (NYSE:ITW) had its price objective lifted by Truist Financial from $303.00 to $305.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective suggests a potential upside of 26.01% from the company’s current price.

Several other brokerages have also recently issued reports on ITW. Citigroup upped their target price on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays upped their target price on Illinois Tool Works from $224.00 to $230.00 and gave the company an “underweight” rating in a report on Tuesday, April 2nd. Wells Fargo & Company cut Illinois Tool Works from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Stifel Nicolaus upped their target price on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Finally, Bank of America cut Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $260.00 to $235.00 in a report on Wednesday, January 10th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $257.78.

Illinois Tool Works Stock Down 0.1 %

Shares of ITW opened at $242.04 on Wednesday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32. Illinois Tool Works has a one year low of $217.06 and a one year high of $271.15. The stock has a market capitalization of $72.31 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 3.48 and a beta of 1.14. The stock has a 50 day moving average price of $259.07 and a 200 day moving average price of $251.66.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business earned $2.33 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts forecast that Illinois Tool Works will post 10.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold a total of 139,471 shares of company stock valued at $35,970,816 over the last quarter. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Central Pacific Bank Trust Division acquired a new position in shares of Illinois Tool Works in the first quarter valued at approximately $1,177,000. Whittier Trust Co. of Nevada Inc. grew its holdings in Illinois Tool Works by 3.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 14,564 shares of the industrial products company’s stock worth $3,908,000 after acquiring an additional 462 shares during the period. FORA Capital LLC grew its holdings in Illinois Tool Works by 109.7% during the first quarter. FORA Capital LLC now owns 26,602 shares of the industrial products company’s stock worth $7,138,000 after acquiring an additional 13,919 shares during the period. Daiwa Securities Group Inc. grew its holdings in Illinois Tool Works by 13.6% during the first quarter. Daiwa Securities Group Inc. now owns 30,126 shares of the industrial products company’s stock worth $8,084,000 after acquiring an additional 3,616 shares during the period. Finally, Graypoint LLC grew its holdings in Illinois Tool Works by 5.3% during the first quarter. Graypoint LLC now owns 2,905 shares of the industrial products company’s stock worth $779,000 after acquiring an additional 145 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.