JPMorgan Chase & Co. Issues Pessimistic Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its target price reduced by equities researchers at JPMorgan Chase & Co. from $300.00 to $295.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 15.82% from the stock’s previous close.

Several other research firms have also weighed in on ITW. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a report on Friday, January 24th. Truist Financial raised their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup reduced their price objective 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. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Finally, Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $272.67.

Illinois Tool Works Trading Down 0.3 %

Shares of Illinois Tool Works stock opened at $254.70 on Monday. Illinois Tool Works has a 12-month low of $232.77 and a 12-month high of $279.13. The stock has a market capitalization of $75.21 billion, a P/E ratio of 22.03, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. The company has a 50-day simple moving average of $261.64 and a 200 day simple moving average of $257.06. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ITW. Sugar Maple Asset Management LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at approximately $28,000. True Wealth Design LLC raised its position in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at $32,000. Ulland Investment Advisors LLC bought a new position in shares of Illinois Tool Works in the 4th quarter worth $33,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth $35,000. 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.