Illinois Tool Works (NYSE:ITW) Given New $262.00 Price Target at Stifel Nicolaus

Illinois Tool Works (NYSE:ITW) had its target price lifted by Stifel Nicolaus from $260.00 to $262.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 0.52% from the company’s previous close.

ITW has been the topic of several other research reports. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Evercore ISI reduced their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Jefferies Financial Group cut their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Stock Down 0.1 %

Shares of Illinois Tool Works stock opened at $260.65 on Wednesday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works has a 1-year low of $217.50 and a 1-year high of $271.15. The business has a 50-day moving average of $251.94 and a 200-day moving average of $247.59. The company has a market capitalization of $77.78 billion, a PE ratio of 25.71, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the company posted $2.41 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities analysts forecast that Illinois Tool Works will post 10.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Illinois Tool Works

Several large investors have recently made changes to their positions in the company. Capital Research Global Investors increased its stake in shares of Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the period. Legal & General Group Plc increased its stake in shares of Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after purchasing an additional 62,645 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after acquiring an additional 133,853 shares during the period. Guinness Asset Management LTD increased its stake in shares of Illinois Tool Works by 4.6% during the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after acquiring an additional 35,145 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of Illinois Tool Works by 7.3% during the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after acquiring an additional 50,753 shares during the period. Institutional investors and hedge funds 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.