Illinois Tool Works (NYSE:ITW) Given New $318.00 Price Target at Truist Financial

Illinois Tool Works (NYSE:ITW) had its price target hoisted by stock analysts at Truist Financial from $312.00 to $318.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective indicates a potential upside of 22.02% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Citigroup upped their target price on shares of Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Jefferies Financial Group boosted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Barclays upgraded Illinois Tool Works from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $230.00 to $270.00 in a research report on Thursday, December 5th. Finally, Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $268.50.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $0.62 during midday trading on Thursday, reaching $260.61. The stock had a trading volume of 71,526 shares, compared to its average volume of 1,028,704. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $76.96 billion, a PE ratio of 22.54, a P/E/G ratio of 4.23 and a beta of 1.10. Illinois Tool Works has a 12 month low of $232.77 and a 12 month high of $279.13. The firm’s 50-day moving average price is $267.78 and its 200 day moving average price is $253.37.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.55 EPS. As a group, research analysts predict that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Institutional Trading of Illinois Tool Works

Several hedge funds and other institutional investors have recently bought and sold shares of the company. 1ST Source Bank lifted its holdings in shares of Illinois Tool Works by 5.3% in the 3rd quarter. 1ST Source Bank now owns 3,937 shares of the industrial products company’s stock worth $1,032,000 after acquiring an additional 199 shares during the last quarter. Retirement Systems of Alabama raised its position in Illinois Tool Works by 0.5% in the 3rd quarter. Retirement Systems of Alabama now owns 184,289 shares of the industrial products company’s stock worth $48,297,000 after purchasing an additional 948 shares during the period. Franklin Resources Inc. lifted its stake in Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Illinois Tool Works by 128.6% in the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company’s stock worth $6,084,000 after purchasing an additional 13,062 shares during the last quarter. Finally, World Investment Advisors LLC grew its stake in shares of Illinois Tool Works by 6.7% during the third quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company’s stock valued at $4,186,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

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.