Several other equities research analysts have also recently issued reports on ITW. Zacks Investment Research raised shares of Illinois Tool Works from a hold rating to a buy rating and set a $120.00 price objective for the company in a research report on Tuesday, June 21st. Deutsche Bank AG reissued a buy rating and issued a $102.00 price objective on shares of Illinois Tool Works in a research report on Thursday, August 25th. 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 report on Thursday, July 21st. RBC Capital Markets reissued a sector perform rating and issued a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Finally, Robert W. Baird cut shares of Illinois Tool Works from an outperform rating to a neutral rating and set a $108.00 price objective for the company. in a research report on Thursday, June 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $110.20.
Shares of Illinois Tool Works (NYSE:ITW) opened at 115.89 on Tuesday. The company has a market cap of $41.14 billion, a P/E ratio of 21.58 and a beta of 1.11. Illinois Tool Works has a 12 month low of $79.15 and a 12 month high of $123.50. The company’s 50 day moving average is $118.29 and its 200 day moving average is $110.72.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.06. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The firm earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the previous year, the company earned $1.30 EPS. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts predict that Illinois Tool Works will post $5.62 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 6th. Investors of record on Friday, September 30th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Wednesday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s payout ratio is 48.42%.
In other Illinois Tool Works news, insider John R. Hartnett sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $114.08, for a total transaction of $855,600.00. Following the transaction, the insider now owns 16,399 shares in the company, valued at approximately $1,870,797.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Randall J. Scheuneman sold 15,641 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $114.21, for a total transaction of $1,786,358.61. Following the transaction, the vice president now owns 19,791 shares in the company, valued at approximately $2,260,330.11. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of ITW. Hudock Capital Group LLC raised its position 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 worth $108,000 after buying an additional 5 shares during the last quarter. Archford Capital Strategies LLC increased its stake in 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 during the period. Acropolis Investment Management LLC acquired a new stake in Illinois Tool Works during the second quarter valued at approximately $128,000. Farmers National Bank acquired a new stake in Illinois Tool Works during the second quarter valued at approximately $129,000. Finally, Kernodle & Katon Asset Management Group LLC increased its stake in 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 during the period. Institutional investors and hedge funds own 74.89% of the company’s stock.
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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