Stifel Nicolaus Increases Illinois Tool Works (NYSE:ITW) Price Target to $262.00

Illinois Tool Works (NYSE:ITW) had its target price upped by equities researchers at Stifel Nicolaus from $260.00 to $262.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the industrial products company’s stock. Stifel Nicolaus’ price objective would suggest a potential downside of 0.33% from the company’s previous close.

Several other equities analysts have also recently weighed in on ITW. Evercore ISI dropped 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. JPMorgan Chase & Co. boosted their price target 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. Truist Financial increased their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Jefferies Financial Group cut their target price on 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. Finally, Barclays dropped their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Stock Up 0.6 %

NYSE ITW traded up $1.52 on Wednesday, hitting $262.87. 39,201 shares of the company were exchanged, compared to its average volume of 1,071,122. Illinois Tool Works has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The company has a market cap of $78.44 billion, a PE ratio of 25.92, a PEG ratio of 4.10 and a beta of 1.10. The stock has a fifty day moving average of $251.04 and a 200-day moving average of $247.41.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating 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 return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.41 EPS. As a group, analysts forecast that Illinois Tool Works will post 10.18 earnings per share for the current year.

Hedge Funds Weigh In On Illinois Tool Works

Hedge funds have recently made changes to their positions in the stock. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the 2nd quarter worth about $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $34,000. Rise Advisors LLC bought a new position in Illinois Tool Works in the 1st quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its stake in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.