Citigroup Has Lowered Expectations for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its price objective cut by equities researchers at Citigroup from $279.00 to $265.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price target would indicate a potential upside of 6.89% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Stifel Nicolaus upped their price target on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Truist Financial upped their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Barclays cut their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $270.11.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded up $3.01 on Monday, reaching $247.91. The company’s stock had a trading volume of 264,560 shares, compared to its average volume of 797,536. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The company has a market cap of $73.21 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 4.22 and a beta of 1.11. The business’s fifty day moving average price is $265.91 and its 200 day moving average price is $255.10. Illinois Tool Works has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 earnings per share. Equities analysts expect that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Illinois Tool Works

Large investors have recently modified their holdings of the business. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the second quarter worth about $30,000. True Wealth Design LLC increased its holdings in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works in the third quarter worth about $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works in the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by 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.