Illinois Tool Works (ITW) Lowered to Underweight at JPMorgan Chase & Co.

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Illinois Tool Works (NYSE:ITW) was downgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued on Thursday, The Fly reports.

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $131.00 to $115.00 in a report on Tuesday, December 18th. Deutsche Bank cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and decreased their price objective for the company from $133.00 to $125.00 in a report on Sunday, December 16th. Credit Suisse Group restated a “hold” rating and set a $131.00 price objective on shares of Illinois Tool Works in a report on Friday, December 7th. ValuEngine upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Tuesday, November 13th. Finally, Wells Fargo & Co set a $145.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Thursday, October 25th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $146.13.

ITW opened at $129.99 on Thursday. The company has a quick ratio of 1.26, a current ratio of 1.62 and a debt-to-equity ratio of 1.71. The company has a market cap of $42.20 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 1.59 and a beta of 1.22. Illinois Tool Works has a fifty-two week low of $117.75 and a fifty-two week high of $179.07.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.88 by $0.02. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The business’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.71 earnings per share. On average, equities research analysts anticipate that Illinois Tool Works will post 7.6 earnings per share for the current fiscal year.

In other news, CFO Michael M. Larsen sold 58,736 shares of the business’s stock in a transaction on Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total value of $7,806,601.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ernest Scott Santi sold 108,885 shares of the business’s stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $133.19, for a total transaction of $14,502,393.15. Following the completion of the sale, the chief executive officer now directly owns 149,777 shares in the company, valued at approximately $19,948,798.63. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division raised its position in Illinois Tool Works by 100.0% during the fourth quarter. Moody National Bank Trust Division now owns 420 shares of the industrial products company’s stock worth $54,000 after acquiring an additional 210 shares in the last quarter. SRS Capital Advisors Inc. raised its position in Illinois Tool Works by 540.9% during the third quarter. SRS Capital Advisors Inc. now owns 737 shares of the industrial products company’s stock worth $104,000 after acquiring an additional 622 shares in the last quarter. Capital Advisors Ltd. LLC raised its position in Illinois Tool Works by 220.1% during the third quarter. Capital Advisors Ltd. LLC now owns 797 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 548 shares in the last quarter. Valley National Advisers Inc. raised its position in Illinois Tool Works by 180.4% during the third quarter. Valley National Advisers Inc. now owns 875 shares of the industrial products company’s stock worth $123,000 after acquiring an additional 563 shares in the last quarter. Finally, Camarda Financial Advisors LLC bought a new stake in Illinois Tool Works during the third quarter worth $141,000. 76.41% of the stock is currently owned by institutional investors and hedge funds.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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