Brokerages Set Illinois Tool Works Inc. (NYSE:ITW) PT at $261.08

Illinois Tool Works Inc. (NYSE:ITW) has received a consensus recommendation of “Reduce” from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $261.0769.

ITW has been the subject of a number of research analyst reports. Wolfe Research increased their price target on Illinois Tool Works from $264.00 to $278.00 and gave the stock an “underperform” rating in a report on Thursday, January 15th. Truist Financial dropped their target price on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a report on Monday, October 27th. Evercore ISI decreased their price target on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Wells Fargo & Company raised their price target on Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 7th. Finally, Robert W. Baird set a $265.00 price objective on Illinois Tool Works in a report on Monday, October 27th.

Illinois Tool Works Stock Performance

ITW opened at $261.27 on Friday. Illinois Tool Works has a twelve month low of $214.66 and a twelve month high of $278.13. The firm has a market capitalization of $75.79 billion, a PE ratio of 25.34, a PEG ratio of 13.99 and a beta of 1.15. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. The firm’s 50-day moving average price is $253.33 and its 200 day moving average price is $254.92.

Insider Transactions at Illinois Tool Works

In related news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total transaction of $373,025.25. Following the sale, the director directly owned 39,249 shares in the company, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Secured Retirement Advisors LLC grew its stake in Illinois Tool Works by 6.1% during the 4th quarter. Secured Retirement Advisors LLC now owns 10,141 shares of the industrial products company’s stock worth $2,498,000 after buying an additional 583 shares during the last quarter. Cardinal Capital Management lifted its stake in Illinois Tool Works by 0.9% in the fourth quarter. Cardinal Capital Management now owns 43,352 shares of the industrial products company’s stock valued at $10,747,000 after buying an additional 384 shares during the last quarter. Interchange Capital Partners LLC boosted its holdings in shares of Illinois Tool Works by 29.3% in the fourth quarter. Interchange Capital Partners LLC now owns 1,028 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 233 shares during the period. KTF Investments LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter worth approximately $357,000. Finally, Wealthfront Advisers LLC increased its holdings in shares of Illinois Tool Works by 14.9% in the 4th quarter. Wealthfront Advisers LLC now owns 50,282 shares of the industrial products company’s stock valued at $12,384,000 after acquiring an additional 6,535 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.