Illinois Tool Works’ (ITW) Hold Rating Reiterated at Royal Bank Of Canada
Illinois Tool Works Inc. (NYSE:ITW)‘s stock had its “hold” rating reaffirmed by Royal Bank Of Canada in a research report issued to clients and investors on Friday. They presently have a $143.00 target price on the industrial products company’s stock. Royal Bank Of Canada’s price target would suggest a potential downside of 7.76% from the company’s previous close.
ITW has been the subject of several other research reports. Stifel Nicolaus reiterated a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a research note on Wednesday, August 16th. Credit Suisse Group set a $141.00 price target on Illinois Tool Works and gave the company a “hold” rating in a report on Tuesday, July 25th. BidaskClub cut Illinois Tool Works from a “sell” rating to a “strong sell” rating in a report on Saturday, August 26th. Morgan Stanley reissued an “equal weight” rating and set a $147.00 price objective (up from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. Finally, Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $153.87.
Shares of Illinois Tool Works (ITW) opened at 155.03 on Friday. Illinois Tool Works has a 12-month low of $111.50 and a 12-month high of $155.12. The firm has a market capitalization of $53.35 billion, a P/E ratio of 25.09 and a beta of 1.12. The stock has a 50 day moving average of $147.56 and a 200-day moving average of $142.11.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same period in the prior year, the firm posted $1.46 EPS. Illinois Tool Works’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Illinois Tool Works will post $6.46 EPS for the current fiscal year.
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In related news, insider John R. Hartnett sold 6,533 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Illinois Tool Works by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 22,627,699 shares of the industrial products company’s stock valued at $3,241,417,000 after purchasing an additional 500,583 shares in the last quarter. BlackRock Inc. boosted its holdings in Illinois Tool Works by 5.8% in the 2nd quarter. BlackRock Inc. now owns 20,436,577 shares of the industrial products company’s stock worth $2,927,540,000 after buying an additional 1,118,381 shares during the last quarter. FMR LLC boosted its holdings in Illinois Tool Works by 13.7% in the 2nd quarter. FMR LLC now owns 3,920,539 shares of the industrial products company’s stock worth $561,618,000 after buying an additional 471,369 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Illinois Tool Works by 2,939.8% in the 2nd quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock worth $537,498,000 after buying an additional 3,628,722 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Illinois Tool Works by 7.1% in the 1st quarter. Geode Capital Management LLC now owns 3,084,804 shares of the industrial products company’s stock worth $408,069,000 after buying an additional 203,294 shares during the last quarter. Institutional investors and hedge funds own 74.76% 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.
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