Shares of Illinois Tool Works Inc. (NYSE:ITW) saw unusually-strong trading volume on Tuesday after Jefferies Group raised their price target on the stock from $128.00 to $135.00. Jefferies Group currently has a buy rating on the stock. Approximately 3,979,117 shares were traded during trading, an increase of 58% from the previous session’s volume of 2,517,472 shares.The stock last traded at $115.04 and had previously closed at $116.41.
A number of other equities research analysts have also commented on ITW. Credit Suisse Group AG set a $114.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 21st. Royal Bank Of Canada upped their price objective on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 21st. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Illinois Tool Works in a research note on Thursday, August 25th. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and issued a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $110.20.
In other news, VP Randall J. Scheuneman sold 15,641 shares of the stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $114.21, for a total value of $1,786,358.61. Following the completion of the sale, the vice president now owns 19,791 shares in the company, valued at $2,260,330.11. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ernest Scott Santi sold 74,077 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the completion of the sale, the chief executive officer now owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in ITW. Hudock Capital Group LLC increased its stake in shares of Illinois Tool Works by 0.5% in the second quarter. Hudock Capital Group LLC now owns 1,037 shares of the company’s stock valued at $108,000 after buying an additional 5 shares in the last quarter. Archford Capital Strategies LLC increased its stake in shares of Illinois Tool Works by 1,008.5% in the second quarter. Archford Capital Strategies LLC now owns 1,175 shares of the company’s stock valued at $122,000 after buying an additional 1,069 shares in the last quarter. Acropolis Investment Management LLC purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $128,000. Farmers National Bank purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $129,000. Finally, Kernodle & Katon Asset Management Group LLC increased its stake in shares of Illinois Tool Works by 85.8% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,293 shares of the company’s stock valued at $135,000 after buying an additional 597 shares in the last quarter. Institutional investors own 74.90% of the company’s stock.
The company’s 50 day moving average is $118.71 and its 200 day moving average is $110.50. The stock has a market capitalization of $40.83 billion, a P/E ratio of 21.42 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.06. The business had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 earnings per share. Analysts expect that Illinois Tool Works Inc. will post $5.62 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 6th. Investors of record on Friday, September 30th were issued a $0.65 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $2.60 annualized dividend and a yield of 2.26%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s payout ratio is 48.42%.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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