Illinois Tool Works (NYSE:ITW) Price Target Raised to $318.00 at Truist Financial

Illinois Tool Works (NYSE:ITW - Get Free Report) had its price objective raised by Truist Financial from $312.00 to $318.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective indicates a potential upside of 23.20% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Robert W. Baird upped their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and lifted their price target for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research report on Monday, October 7th. Finally, Jefferies Financial Group increased their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $268.50.

Illinois Tool Works Stock Performance

NYSE ITW traded down $3.12 during trading hours on Thursday, reaching $258.11. The stock had a trading volume of 1,464,572 shares, compared to its average volume of 1,034,557. Illinois Tool Works has a 52-week low of $232.77 and a 52-week high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock has a market cap of $76.22 billion, a P/E ratio of 22.33, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. The stock has a fifty day moving average of $267.81 and a 200 day moving average of $253.40.

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

Institutional Investors Weigh In On Illinois Tool Works

Institutional investors and hedge funds have recently made changes to their positions in the stock. True Wealth Design LLC increased its holdings in Illinois Tool Works by 1,060.0% in 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 during the last quarter. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the second quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at $32,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the 2nd quarter worth about $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $35,000. 79.77% of the stock is 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.