Illinois Tool Works (NYSE:ITW) Given New $312.00 Price Target at Truist Financial

Illinois Tool Works (NYSE:ITW) had its target price increased by investment analysts at Truist Financial from $281.00 to $312.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target suggests a potential upside of 20.51% from the company’s current price.

ITW has been the subject of several other research reports. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Stifel Nicolaus cut their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $255.22.

Illinois Tool Works Price Performance

ITW traded up $3.18 during midday trading on Wednesday, hitting $258.90. 155,440 shares of the company traded hands, compared to its average volume of 1,082,738. The company has a market capitalization of $77.26 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 4.09 and a beta of 1.10. The business has a 50 day simple moving average of $249.29 and a two-hundred day simple moving average of $247.67. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works has a 52-week low of $217.50 and a 52-week high of $271.15.

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

Institutional Investors Weigh In On Illinois Tool Works

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Confluence Investment Management LLC purchased a new stake in shares of Illinois Tool Works in the 1st quarter valued at about $65,747,000. AXA S.A. lifted its stake in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after buying an additional 241,618 shares during the last quarter. Guinness Asset Management LTD increased its holdings in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after acquiring an additional 180,458 shares during the period. Baird Financial Group Inc. boosted its stake in Illinois Tool Works by 45.7% during the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after purchasing an additional 149,210 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the last quarter. 79.77% of the stock is currently 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.