Credit Suisse Group cuts Illinois Tool Works (NYSE:ITW) price target to $261.00

Illinois Tool Works (NYSE: ITW – Get Note) had its price target lowered by Credit Suisse Group equity research analysts from $267.00 to $261.00 in a research report released on Wednesday, reports The Fly. Credit Suisse Group’s price target would suggest a potential upside of 27.82% from the current share price.

ITW has been the subject of a number of other research reports. Morgan Stanley lowered its price target on Illinois Tool Works from $210.00 to $197.00 and set an “underweight” rating for the company in a Thursday, April 7 report. Barclays lowered its price target on Illinois Tool Works by $200.00 to $192.00 in a report released Wednesday. JPMorgan Chase & Co. upgraded Illinois Tool Works from a “neutral” rating to an “overweight” rating and lowered its price target for the company from $262.00 to $255.00 in a Monday report March 28. StockNews.com began covering Illinois Tool Works in a report on Thursday, March 31. They issued a “hold” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Illinois Tool Works from $236.00 to $226.00 and set a “holding” rating for the company in a Thursday, April 14 report. Three investment analysts gave the stock a sell rating, seven gave the stock a hold rating and three gave the stock a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $234.92.

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ITW stock opened Wednesday at $204.20. The company has a market capitalization of $63.69 billion, a P/E ratio of 24.00, a PEG ratio of 2.21 and a beta of 1.07. Illinois Tool Works has a 12-month low of $195.25 and a 12-month high of $249.81. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt ratio of 1.91. The company has a fifty-day moving average of $207.16 and a 200-day moving average of $225.21.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its results on Tuesday, May 3. The industrial products company reported earnings per share of $2.11 for the quarter, beating analysts’ consensus estimate of $2.06 by $0.05. The company posted revenue of $3.94 billion in the quarter, versus a consensus estimate of $3.76 billion. Illinois Tool Works had a return on equity of 74.43% and a net margin of 18.64%. The company’s quarterly revenue increased 11.1% year over year. In the same quarter a year earlier, the company posted earnings per share of $2.11. As a group, equity research analysts expect Illinois Tool Works to post earnings per share of 9.11 for the current fiscal year.

Separately, CEO Ernest Scott Santi sold 148,789 shares of the company in a trade dated Friday, February 4. The stock was sold at an average price of $231.44, for a total transaction of $34,435,726.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. 0.78% of the shares are held by insiders.

Several hedge funds have recently bought and sold shares of ITW. Ritter Daniher Financial Advisory LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $28,000. Allegheny Financial Group LTD acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $29,000. Amplius Wealth Advisors LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $30,000. FSB Premier Wealth Management Inc. acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $32,000. Finally, Bell Investment Advisors Inc acquired a new position in Illinois Tool Works during the third quarter worth approximately $28,000. 79.03% of the shares are held by institutional investors.

Illinois Tool Works Company Profile (Get a rating)

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; building 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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