Equities research analysts at Morgan Stanley began coverage on shares of Illinois Tool Works (NYSE:ITW) in a report issued on Monday, Marketbeat.com reports. The firm set an “equal weight” rating and a $146.00 price target on the industrial products company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 5.75% from the stock’s previous close.
A number of other brokerages have also recently commented on ITW. Bank of America cut shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $147.00 target price for the company. in a report on Tuesday, July 24th. Goldman Sachs Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price target on the stock. in a research note on Monday, July 23rd. Stifel Nicolaus dropped their price target on shares of Illinois Tool Works from $162.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 27th. Credit Suisse Group dropped their price target on shares of Illinois Tool Works from $166.00 to $146.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 24th. Finally, MED lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $159.53.
Shares of NYSE:ITW opened at $138.06 on Monday. Illinois Tool Works has a one year low of $134.66 and a one year high of $179.07. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.73 and a quick ratio of 1.35. The stock has a market capitalization of $46.76 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 1.79 and a beta of 1.25.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Monday, July 23rd. The industrial products company reported $1.97 EPS for the quarter, meeting analysts’ consensus estimates of $1.97. Illinois Tool Works had a net margin of 12.70% and a return on equity of 56.74%. The business had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the prior year, the company earned $1.69 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. sell-side analysts predict that Illinois Tool Works will post 7.64 EPS for the current year.
Illinois Tool Works declared that its Board of Directors has initiated a share repurchase program on Friday, August 3rd that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, Director Richard H. Lenny bought 1,778 shares of the stock in a transaction on Friday, July 27th. The shares were bought at an average cost of $140.85 per share, for a total transaction of $250,431.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.82% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. CX Institutional acquired a new position in Illinois Tool Works during the second quarter worth about $101,000. Clearwater Capital Advisors LLC acquired a new position in Illinois Tool Works during the first quarter worth about $117,000. Kaizen Advisory LLC grew its position in Illinois Tool Works by 151.0% during the second quarter. Kaizen Advisory LLC now owns 748 shares of the industrial products company’s stock worth $104,000 after buying an additional 450 shares during the period. Archford Capital Strategies LLC acquired a new position in Illinois Tool Works during the first quarter worth about $130,000. Finally, Parisi Gray Wealth Management grew its position in Illinois Tool Works by 88.8% during the first quarter. Parisi Gray Wealth Management now owns 791 shares of the industrial products company’s stock worth $123,000 after buying an additional 372 shares during the period. Institutional investors own 77.09% of the company’s stock.
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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