Illinois Tool Works (NYSE:ITW) Given New $290.00 Price Target at Jefferies Financial Group

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price objective increased by stock analysts at Jefferies Financial Group from $255.00 to $290.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the industrial products company's stock. Jefferies Financial Group's target price indicates a potential upside of 6.02% from the company's previous close.

Several other research firms have also recently commented on ITW. Barclays raised shares of Illinois Tool Works from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $230.00 to $270.00 in a research note on Thursday. Truist Financial raised their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Evercore ISI downgraded Illinois Tool Works from an "in-line" rating to an "underperform" rating and upped their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Wells Fargo & Company lifted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. Finally, Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $266.30.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded down $1.74 during trading hours on Friday, hitting $273.53. The stock had a trading volume of 536,469 shares, compared to its average volume of 813,357. The stock's fifty day simple moving average is $265.76 and its 200 day simple moving average is $251.50. The firm has a market capitalization of $80.77 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 4.28 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. During the same period last year, the firm earned $2.55 EPS. The firm's revenue was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Illinois Tool Works will post 10.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Illinois Tool Works

Large investors have recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works in the 3rd quarter worth approximately $32,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the third quarter valued at approximately $35,000. Institutional investors own 79.77% of the company's stock.

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.