Illinois Tool Works Inc. (ITW) Downgraded to “Underweight” at J P Morgan Chase & Co

Illinois Tool Works Inc. (NYSE:ITW) was downgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a report issued on Thursday, Marketbeat.com reports. They presently have a $132.00 price objective on the industrial products company’s stock, down from their prior price objective of $141.00. J P Morgan Chase & Co’s price target would indicate a potential downside of 2.71% from the company’s current price.

Several other research analysts have also recently commented on ITW. Stifel Nicolaus reiterated a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a report on Wednesday. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target for the company in a report on Wednesday, July 12th. Royal Bank Of Canada boosted their price target on shares of Illinois Tool Works from $125.00 to $141.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 25th. Morgan Stanley reiterated an “equal weight” rating and set a $136.00 price target (down previously from $140.00) on shares of Illinois Tool Works in a report on Tuesday, July 25th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $170.00 price target (up previously from $155.00) on shares of Illinois Tool Works in a report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $151.08.

Illinois Tool Works (NYSE ITW) opened at 135.67 on Thursday. The stock’s 50 day moving average is $142.53 and its 200-day moving average is $137.77. The company has a market capitalization of $46.69 billion, a P/E ratio of 21.95 and a beta of 1.11. Illinois Tool Works has a 1-year low of $111.50 and a 1-year high of $150.29.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the previous year, the business posted $1.46 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. On average, analysts expect that Illinois Tool Works will post $6.46 earnings per share for the current fiscal year.

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In related news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the sale, the insider now owns 55,878 shares in the company, valued at approximately $8,046,432. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the company’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the completion of the sale, the chief financial officer now owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,664 shares of company stock valued at $14,329,625. 0.90% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in ITW. WFG Advisors LP increased its stake in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock valued at $116,000 after buying an additional 161 shares during the period. Toronto Dominion Bank increased its stake in Illinois Tool Works by 22.5% in the second quarter. Toronto Dominion Bank now owns 115,351 shares of the industrial products company’s stock valued at $16,524,000 after buying an additional 21,220 shares during the period. Archford Capital Strategies LLC increased its stake in Illinois Tool Works by 745.1% in the second quarter. Archford Capital Strategies LLC now owns 7,817 shares of the industrial products company’s stock valued at $212,000 after buying an additional 6,892 shares during the period. Cetera Investment Advisers acquired a new stake in Illinois Tool Works during the second quarter valued at approximately $601,000. Finally, Advisory Services Network LLC increased its stake in Illinois Tool Works by 23.6% in the second quarter. Advisory Services Network LLC now owns 5,796 shares of the industrial products company’s stock valued at $830,000 after buying an additional 1,105 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Illinois Tool Works Company Profile

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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