Citigroup Inc. Reiterates “Buy” Rating for Illinois Tool Works Inc. (ITW)

Illinois Tool Works Inc. (NYSE:ITW)‘s stock had its “buy” rating reaffirmed by research analysts at Citigroup Inc. in a note issued to investors on Monday. They presently have a $171.00 target price on the industrial products company’s stock, up from their prior target price of $162.00. Citigroup Inc.’s price objective points to a potential upside of 12.78% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. BidaskClub downgraded Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. BMO Capital Markets reissued a “buy” rating and issued a $160.00 price target on shares of Illinois Tool Works in a report on Thursday, July 20th. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, Royal Bank Of Canada raised their price target on Illinois Tool Works from $141.00 to $143.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $152.71.

Illinois Tool Works (NYSE ITW) opened at 151.62 on Monday. The firm has a 50-day moving average price of $143.80 and a 200-day moving average price of $141.03. Illinois Tool Works has a 12 month low of $111.50 and a 12 month high of $152.62. The stock has a market cap of $52.18 billion, a price-to-earnings ratio of 24.53 and a beta of 1.12.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $1.46 earnings per share. Equities research analysts expect that Illinois Tool Works will post $6.47 earnings per share for the current fiscal year.

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In related news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Ffcm LLC raised its position in Illinois Tool Works by 6.4% during the second quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock valued at $1,698,000 after acquiring an additional 714 shares in the last quarter. Oakmont Partners LLC raised its position in Illinois Tool Works by 51.1% during the second quarter. Oakmont Partners LLC now owns 15,856 shares of the industrial products company’s stock valued at $2,271,000 after acquiring an additional 5,362 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in Illinois Tool Works by 4.4% during the second quarter. Sumitomo Life Insurance Co. now owns 18,497 shares of the industrial products company’s stock valued at $2,650,000 after acquiring an additional 786 shares in the last quarter. Koshinski Asset Management Inc. raised its position in Illinois Tool Works by 22.8% during the second quarter. Koshinski Asset Management Inc. now owns 2,151 shares of the industrial products company’s stock valued at $308,000 after acquiring an additional 399 shares in the last quarter. Finally, Cutter & CO Brokerage Inc. raised its position in Illinois Tool Works by 10.3% during the first quarter. Cutter & CO Brokerage Inc. now owns 9,340 shares of the industrial products company’s stock valued at $1,237,000 after acquiring an additional 874 shares in the last quarter. Institutional investors own 74.79% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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