Illinois Tool Works (NYSE:ITW) Rating Lowered to Underperform at Bank of America

Illinois Tool Works (NYSE:ITW) was downgraded by research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report issued on Wednesday, MarketBeat.com reports. They presently have a $220.00 price objective on the industrial products company’s stock. Bank of America‘s price target would indicate a potential downside of 9.49% from the company’s previous close.

Several other analysts also recently commented on the stock. Evercore ISI reduced their price target on shares of Illinois Tool Works from $255.00 to $252.00 and set an “underperform” rating for the company in a research report on Wednesday, February 19th. Citigroup decreased their target price on shares of Illinois Tool Works from $265.00 to $253.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research report on Thursday, February 6th. Truist Financial decreased their price objective on Illinois Tool Works from $302.00 to $284.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. cut their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $253.67.

Illinois Tool Works Trading Up 1.1 %

NYSE ITW opened at $243.07 on Wednesday. The firm’s fifty day moving average price is $243.59 and its 200 day moving average price is $255.97. Illinois Tool Works has a 12 month low of $214.66 and a 12 month high of $279.13. 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 capitalization of $71.31 billion, a price-to-earnings ratio of 20.74, a price-to-earnings-growth ratio of 4.56 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.34 by $0.04. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.44 earnings per share. On average, sell-side analysts expect that Illinois Tool Works will post 10.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Illinois Tool Works news, Director Ernest Scott Santi sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael M. Larsen sold 41,472 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $271.25, for a total transaction of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at $13,698,667.50. This trade represents a 45.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 159,925 shares of company stock worth $42,973,845 in the last quarter. Company insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Illinois Tool Works

Institutional investors and hedge funds have recently bought and sold shares of the stock. Prudent Man Investment Management Inc. purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at $25,000. Redwood Park Advisors LLC purchased a new position in Illinois Tool Works in the 4th quarter valued at about $26,000. Ameriflex Group Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter worth about $26,000. Finally, Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Hedge funds and other 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.