Citigroup Issues Pessimistic Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price target cut by equities research analysts at Citigroup from $265.00 to $253.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the industrial products company's stock. Citigroup's price objective would indicate a potential upside of 9.68% from the company's current price.

A number of other research analysts have also recently issued reports on ITW. Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating on the stock in a research note on Thursday, February 6th. JPMorgan Chase & Co. decreased their price target on Illinois Tool Works from $300.00 to $295.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Truist Financial increased their price objective 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. StockNews.com lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Barclays cut their price target on shares of Illinois Tool Works from $252.00 to $240.00 and set an "equal weight" rating on the stock in a report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and a consensus target price of $260.09.

Illinois Tool Works Price Performance

NYSE ITW traded up $0.88 during trading hours on Monday, reaching $230.68. 889,342 shares of the stock traded hands, compared to its average volume of 1,003,979. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company has a market cap of $67.67 billion, a price-to-earnings ratio of 19.68, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12. The stock has a 50 day simple moving average of $249.80 and a two-hundred day simple moving average of $257.91. Illinois Tool Works has a 1 year low of $214.66 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, analysts predict that Illinois Tool Works will post 10.39 EPS for the current fiscal year.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher A. O'herlihy sold 48,453 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the sale, the chief executive officer now owns 55,113 shares in the company, valued at approximately $15,120,802.68. This trade represents a 46.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 159,925 shares of company stock valued at $42,973,845. Corporate insiders own 0.88% of the company's stock.

Hedge Funds Weigh In On Illinois Tool Works

Large investors have recently made changes to their positions in the business. Baron Wealth Management LLC increased its position in Illinois Tool Works by 4.5% during the 4th quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company's stock valued at $231,000 after buying an additional 39 shares in the last quarter. F M Investments LLC increased its holdings in shares of Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after acquiring an additional 42 shares in the last quarter. Trust Co of the South raised its position in shares of Illinois Tool Works by 2.9% in the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock worth $367,000 after purchasing an additional 42 shares during the last quarter. Harbour Investments Inc. grew its position in Illinois Tool Works by 1.2% during the 4th quarter. Harbour Investments Inc. now owns 3,696 shares of the industrial products company's stock valued at $937,000 after purchasing an additional 44 shares during the last quarter. Finally, Integrated Advisors Network LLC increased its stake in Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after purchasing an additional 45 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other 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.