Illinois Tool Works Inc. (ITW) Shares Gap Up to $105.92
Illinois Tool Works Inc. (NYSE:ITW) gapped up prior to trading on Friday . The stock had previously closed at $105.53, but opened at $105.92. Illinois Tool Works shares last traded at $107.96, with a volume of 712,861 shares traded.
Several equities research analysts recently weighed in on ITW shares. Goldman Sachs Group Inc. restated a “buy” rating and issued a $110.00 target price on shares of Illinois Tool Works in a report on Thursday, March 31st. Morgan Stanley boosted their target price on Illinois Tool Works from $97.00 to $101.00 in a report on Thursday, April 7th. Zacks Investment Research lowered Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 11th. Deutsche Bank AG restated a “buy” rating on shares of Illinois Tool Works in a report on Sunday, April 17th. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating on shares of Illinois Tool Works in a report on Tuesday, April 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $106.38.
The stock’s 50 day moving average price is $105.45 and its 200-day moving average price is $98.76. The stock has a market cap of $38.94 billion and a price-to-earnings ratio of 20.79.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, April 20th. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $1.26 by $0.03. During the same period last year, the company posted $1.21 earnings per share. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities analysts predict that Illinois Tool Works Inc. will post $5.52 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Thursday, June 30th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $2.20 annualized dividend and a yield of 2.03%.
In related news, EVP Lei Zhang Schlitz sold 1,919 shares of the stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $103.78, for a total transaction of $199,153.82. Following the completion of the transaction, the executive vice president now directly owns 592 shares of the company’s stock, valued at $61,437.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman David C. Parry sold 8,000 shares of the stock in a transaction that occurred on Monday, April 25th. The shares were sold at an average price of $104.41, for a total value of $835,280.00. Following the transaction, the insider now directly owns 628 shares of the company’s stock, valued at $65,569.48. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently modified their holdings of ITW. Carret Asset Management LLC boosted its position in shares of Illinois Tool Works by 1.6% in the fourth quarter. Carret Asset Management LLC now owns 12,329 shares of the company’s stock valued at $1,143,000 after buying an additional 200 shares during the period. Investors Capital Advisory Services boosted its position in shares of Illinois Tool Works by 91.6% in the fourth quarter. Investors Capital Advisory Services now owns 14,014 shares of the company’s stock valued at $1,298,000 after buying an additional 6,700 shares during the period. Haverford Trust Co. boosted its position in shares of Illinois Tool Works by 18.2% in the fourth quarter. Haverford Trust Co. now owns 14,187 shares of the company’s stock valued at $1,315,000 after buying an additional 2,189 shares during the period. Boys Arnold & Co. Inc. boosted its position in shares of Illinois Tool Works by 63.3% in the fourth quarter. Boys Arnold & Co. Inc. now owns 15,202 shares of the company’s stock valued at $1,409,000 after buying an additional 5,891 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of Illinois Tool Works by 42.9% in the fourth quarter. Victory Capital Management Inc. now owns 15,555 shares of the company’s stock valued at $1,442,000 after buying an additional 4,671 shares during the period.
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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