Wells Fargo Believes Illinois Tool Works (NYSE: ITW) Won’t Stop Here

In a report released yesterday, Andy Casey from Wells Fargo maintained a Buy rating on Illinois Tool Works (ITWResearch Report). The company’s shares closed last Friday at $184.99, close to its 52-week high of $190.85.

According to TipRanks.com, Casey is a 4-star analyst with an average return of 8.6% and a 57.1% success rate. Casey covers the Industrial Goods sector, focusing on stocks such as Parker Hannifin, Kennametal, and Navistar.

Currently, the analyst consensus on Illinois Tool Works is a Hold with an average price target of $159.88.

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The company has a one-year high of $190.85 and a one-year low of $115.94. Currently, Illinois Tool Works has an average volume of 1.3M.

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ITW in relation to earlier this year.

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.