Illinois Tool Works (NYSE:ITW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $192.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.27% from the company’s previous close.
According to Zacks, “In the last three months, Illinois Tool Works' shares have outperformed the industry. We believe that the company is well positioned to benefit from its solid product portfolio, strengthening foothold in various end markets and strategic initiatives to improve margins. From 2018 to 2022, the company expects organic revenue growth to be in the 3-5% range, operating margin to be in excess of 25% and earnings per share to grow 8-10% in each year. In addition, it initiated its financial guidance for 2018, anticipating GAAP earnings to be within $7.05-$7.25 per share. Organic revenue growth is predicted to be within 3-4% and operating margin to be 25-25.5%. The projections for 2017 (results not yet released) have been reaffirmed, with earnings per share still anticipated to be $6.62-$6.72. Earnings estimates on the stock improved for 2018 in the last 60 days.”
ITW has been the subject of several other reports. Argus restated a “buy” rating and issued a $180.00 price objective (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. BMO Capital Markets raised their price objective on Illinois Tool Works to $180.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 6th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $176.00 to $186.00 and gave the company a “hold” rating in a research report on Tuesday. Credit Suisse Group reduced their price target on Illinois Tool Works from $142.00 to $140.00 and set a “neutral” rating for the company in a research report on Tuesday, October 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 price target (up from $143.00) on shares of Illinois Tool Works in a research report on Friday, October 20th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. Illinois Tool Works has an average rating of “Hold” and a consensus price target of $168.25.
Shares of Illinois Tool Works (NYSE ITW) traded up $1.80 during trading hours on Thursday, hitting $171.02. The stock had a trading volume of 1,136,000 shares, compared to its average volume of 1,307,609. Illinois Tool Works has a 1 year low of $122.61 and a 1 year high of $172.00. The stock has a market capitalization of $58,590.00, a PE ratio of 26.23, a price-to-earnings-growth ratio of 2.33 and a beta of 1.18. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.98 and a current ratio of 2.41.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The firm had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the business posted $1.50 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. research analysts expect that Illinois Tool Works will post 6.7 EPS for the current fiscal year.
In other Illinois Tool Works news, VP Norman D. Jr. Finch acquired 4,986 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were bought at an average cost of $156.34 per share, with a total value of $779,511.24. Following the completion of the acquisition, the vice president now owns 4,371 shares in the company, valued at $683,362.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John R. Hartnett sold 6,533 shares of the firm’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $155.00, for a total value of $1,012,615.00. Following the completion of the sale, the insider now directly owns 18,622 shares in the company, valued at $2,886,410. The disclosure for this sale can be found here. Over the last three months, insiders sold 214,791 shares of company stock worth $34,665,964. 0.90% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Cetera Investment Advisers acquired a new stake in shares of Illinois Tool Works in the second quarter worth approximately $601,000. Quantbot Technologies LP boosted its stake in shares of Illinois Tool Works by 71.3% in the second quarter. Quantbot Technologies LP now owns 25,132 shares of the industrial products company’s stock worth $3,600,000 after acquiring an additional 10,457 shares during the last quarter. Ffcm LLC boosted its stake in shares of Illinois Tool Works by 6.4% in the second quarter. Ffcm LLC now owns 11,851 shares of the industrial products company’s stock worth $1,698,000 after acquiring an additional 714 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Illinois Tool Works by 100.8% in the second quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock worth $201,869,000 after acquiring an additional 707,287 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Illinois Tool Works by 72.8% in the third quarter. First Trust Advisors LP now owns 357,404 shares of the industrial products company’s stock worth $52,881,000 after acquiring an additional 150,570 shares during the last quarter. 74.73% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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