Illinois Tool Works (ITW) Gets a Buy Rating from Wells Fargo

Wells Fargo analyst Andy Casey maintained a Buy rating on Illinois Tool Works (ITWResearch Report) yesterday. The company’s shares closed last Wednesday at $152.70.

According to TipRanks.com, Casey is a 4-star analyst with an average return of 5.8% and a 50.7% success rate. Casey covers the Industrial Goods sector, focusing on stocks such as Parker Hannifin, Caterpillar, and Kennametal.

Currently, the analyst consensus on Illinois Tool Works is a Hold with an average price target of $155.10, a 2.2% upside from current levels. In a report issued on April 3, Gordon Haskett Capital Corporation also upgraded the stock to Buy with a $170.00 price target.

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Illinois Tool Works’ market cap is currently $49.55B and has a P/E ratio of 19.60. The company has a Price to Book ratio of -20.82.

Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ITW in relation to earlier this year. Most recently, in February 2020, John Hartnett, the EVP of ITW sold 19,980 shares for a total of $3,781,291.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Illinois Tool Works, Inc. manufactures industrial products and equipment. It operates through the following segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Test & Measurement and Electronics segment manufactures equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids. The Food Equipment segment supplies commercial food equipment and provides related services. The Polymers & Fluids segment provides adhesives, sealants, lubrication and cutting fluids, janitorial and hygiene products, and fluids and polymers for auto aftermarket maintenance and appearance. The Welding segment furnishes arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. The Construction Products segment makes construction fastening systems and truss products. The Specialty Products segment manufacturing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. The company was founded by Byron L. Smith in 1912 and is headquartered in Glenview, IL.