JPMorgan Chase & Co. Issues Pessimistic Forecast for Illinois Tool Works (NYSE:ITW) Stock Price

Illinois Tool Works (NYSE:ITW) had its target price cut by stock analysts at JPMorgan Chase & Co. from $300.00 to $295.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 15.06% from the company’s previous close.

Several other research analysts also recently issued reports on the company. Jefferies Financial Group lifted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $272.67.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $2.78 during midday trading on Monday, reaching $256.39. The company’s stock had a trading volume of 572,079 shares, compared to its average volume of 879,869. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The firm has a market capitalization of $75.71 billion, a PE ratio of 22.18, a P/E/G ratio of 3.61 and a beta of 1.11. The stock’s 50 day simple moving average is $262.05 and its 200 day simple moving average is $257.01.

Hedge Funds Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently made changes to their positions in ITW. Sugar Maple Asset Management LLC purchased a new position in Illinois Tool Works in the 4th quarter valued at about $28,000. True Wealth Design LLC grew its stake in Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $32,000. Ulland Investment Advisors LLC acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $33,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth approximately $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

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.