Wells Fargo & Company Lowers Illinois Tool Works (NYSE:ITW) Price Target to $250.00

Illinois Tool Works (NYSE:ITW) had its price target dropped by equities research analysts at Wells Fargo & Company from $260.00 to $250.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.94% from the company’s previous close.

A number of other equities research analysts have also weighed in on ITW. Barclays raised shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird raised their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Jefferies Financial Group boosted their price objective 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. Finally, Citigroup upped their price target on Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $268.00.

Illinois Tool Works Stock Down 0.4 %

ITW stock opened at $247.66 on Tuesday. The company’s 50 day moving average is $266.54 and its 200 day moving average is $254.90. The stock has a market cap of $73.13 billion, a price-to-earnings ratio of 21.42, a price-to-earnings-growth ratio of 4.22 and a beta of 1.11. Illinois Tool Works has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

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

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds have recently bought and sold shares of the business. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. True Wealth Design LLC boosted its stake in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter valued at about $32,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works during the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. raised its holdings in Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the last quarter. Institutional investors 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.