Illinois Tool Works (NYSE:ITW) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $160.00 to $168.00 in a note issued to investors on Thursday. The firm currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.’s price target indicates a potential downside of 3.87% from the stock’s current price.
A number of other brokerages have also recently commented on ITW. Jefferies Group reiterated a “buy” rating and set a $190.00 price target on shares of Illinois Tool Works in a research report on Wednesday, November 29th. Wells Fargo & Co set a $190.00 price target on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Monday, December 4th. Morgan Stanley increased their price objective on Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, October 30th. Finally, Royal Bank of Canada increased their price objective on Illinois Tool Works from $143.00 to $155.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $177.18.
Shares of Illinois Tool Works (NYSE ITW) traded up $1.00 during midday trading on Thursday, reaching $174.76. 1,437,361 shares of the company’s stock were exchanged, compared to its average volume of 1,270,000. Illinois Tool Works has a twelve month low of $124.84 and a twelve month high of $177.65. 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 company has a market capitalization of $59,870.00, a PE ratio of 36.03, a P/E/G ratio of 2.36 and a beta of 1.18.
In related news, insider Harold B. Smith sold 30,000 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $166.43, for a total value of $4,992,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Roland M. Martel sold 64,818 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $167.41, for a total value of $10,851,181.38. Following the completion of the sale, the insider now directly owns 26,222 shares of the company’s stock, valued at approximately $4,389,825.02. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in ITW. Beach Investment Management LLC. purchased a new stake in Illinois Tool Works in the second quarter worth $1,073,000. First National Trust Co. lifted its stake in Illinois Tool Works by 0.6% in the second quarter. First National Trust Co. now owns 15,142 shares of the industrial products company’s stock worth $2,169,000 after acquiring an additional 84 shares during the period. MAI Capital Management lifted its stake in Illinois Tool Works by 2.0% in the second quarter. MAI Capital Management now owns 2,018 shares of the industrial products company’s stock worth $289,000 after acquiring an additional 39 shares during the period. Victory Capital Management Inc. lifted its stake in Illinois Tool Works by 15.3% in the second quarter. Victory Capital Management Inc. now owns 22,774 shares of the industrial products company’s stock worth $3,262,000 after acquiring an additional 3,017 shares during the period. Finally, Aviva PLC lifted its stake in Illinois Tool Works by 11.0% in the second quarter. Aviva PLC now owns 217,811 shares of the industrial products company’s stock worth $31,206,000 after acquiring an additional 21,650 shares during the period. 74.69% of the stock is 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.
