Wells Fargo & Company Issues Pessimistic Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its price objective lowered by equities research analysts at Wells Fargo & Company from $250.00 to $245.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 4.21% from the company’s current price.

Other research analysts have also issued research reports about the stock. Truist Financial increased their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Barclays dropped their target price on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Citigroup decreased their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. JPMorgan Chase & Co. cut their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $271.00.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $255.77 on Thursday. The stock has a market cap of $75.53 billion, a price-to-earnings ratio of 22.13, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. 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 firm has a 50 day simple moving average of $260.34 and a 200-day simple moving average of $257.11. Illinois Tool Works has a 1-year low of $232.77 and a 1-year high of $279.13.

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

Hedge Funds Weigh In On Illinois Tool Works

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pensionfund Sabic increased its position in shares of Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after purchasing an additional 2,000 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Illinois Tool Works by 41.0% during 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 in the last quarter. Clark & Stuart Inc acquired a new stake in Illinois Tool Works in the fourth quarter valued at $1,729,000. Czech National Bank lifted its holdings in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after buying an additional 3,227 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in shares of Illinois Tool Works during the 3rd quarter worth about $1,179,000. 79.77% of the stock is owned by institutional investors and hedge funds.

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.