Illinois Tool Works (NYSE:ITW) Lowered to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Illinois Tool Works (NYSE:ITW) from a buy rating to a hold rating in a research note published on Thursday.

ITW has been the subject of several other reports. Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company cut their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday. Jefferies Financial Group boosted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Barclays reduced their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $271.33.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $254.86 on Thursday. Illinois Tool Works has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The stock has a market capitalization of $75.26 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 3.61 and a beta of 1.11. The business has a 50-day moving average of $260.77 and a 200-day moving average of $257.12.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. As a group, sell-side analysts predict that Illinois Tool Works will post 10.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors have recently added to or reduced their stakes in the business. Ashton Thomas Private Wealth LLC raised its position in shares of Illinois Tool Works by 11.0% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 2,184 shares of the industrial products company’s stock worth $557,000 after purchasing an additional 217 shares during the period. Callan Family Office LLC raised its position in shares of Illinois Tool Works by 90.4% during the fourth quarter. Callan Family Office LLC now owns 2,443 shares of the industrial products company’s stock worth $619,000 after purchasing an additional 1,160 shares during the period. Candriam S.C.A. raised its position in shares of Illinois Tool Works by 5.6% during the fourth quarter. Candriam S.C.A. now owns 43,995 shares of the industrial products company’s stock worth $11,155,000 after purchasing an additional 2,324 shares during the period. Schrum Private Wealth Management LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $431,000. Finally, Freestone Capital Holdings LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $243,000. 79.77% of the stock is owned by institutional investors and hedge funds.

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.