Traders Sell Illinois Tool Works Inc. (ITW) on Strength (ITW)
Traders sold shares of Illinois Tool Works Inc. (NYSE:ITW) on strength during trading hours on Thursday. $20.95 million flowed into the stock on the tick-up and $43.97 million flowed out of the stock on the tick-down, for a money net flow of $23.02 million out of the stock. Of all equities tracked, Illinois Tool Works had the 19th highest net out-flow for the day. Illinois Tool Works traded up $0.49 for the day and closed at $115.64
ITW has been the topic of several analyst reports. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Robert W. Baird increased their target price on Illinois Tool Works from $92.00 to $108.00 and gave the stock an “outperform” rating in a report on Thursday, April 21st. Morgan Stanley raised their price objective on Illinois Tool Works from $97.00 to $101.00 in a research note on Thursday, April 7th. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Finally, Argus raised their price objective on Illinois Tool Works from $102.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, April 21st. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $110.07.
The stock has a 50-day moving average price of $109.34 and a 200 day moving average price of $102.01. The company has a market capitalization of $41.24 billion and a P/E ratio of 21.53.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.06. During the same quarter in the prior year, the company earned $1.30 earnings per share. The business earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works’s revenue was down .1% compared to the same quarter last year. Analysts predict that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Thursday, June 30th were paid a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $2.20 dividend on an annualized basis and a yield of 1.90%.
In other Illinois Tool Works news, VP Randall J. Scheuneman sold 15,641 shares of the company’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $114.21, for a total value of $1,786,358.61. Following the transaction, the vice president now directly owns 19,791 shares in the company, valued at approximately $2,260,330.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lei Zhang Schlitz sold 1,919 shares of the company’s stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $103.78, for a total value of $199,153.82. Following the completion of the transaction, the executive vice president now owns 592 shares in the company, valued at $61,437.76. The disclosure for this sale can be found here.
A number of institutional investors have made changes to their positions in the company. Victory Capital Management Inc. raised 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 worth $1,442,000 after buying an additional 4,671 shares in the last quarter. Dai Ichi Life Insurance CO. LTD. raised its position in shares of Illinois Tool Works by 115.7% in the fourth quarter. Dai Ichi Life Insurance CO. LTD. now owns 16,334 shares of the company’s stock worth $1,514,000 after buying an additional 8,761 shares in the last quarter. Burney Co. raised its position in shares of Illinois Tool Works by 6.6% in the fourth quarter. Burney Co. now owns 17,762 shares of the company’s stock worth $1,665,000 after buying an additional 1,100 shares in the last quarter. Gluskin Sheff & Assoc Inc. acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $1,666,000. Finally, Pitcairn Co. raised its position in shares of Illinois Tool Works by 3.3% in the fourth quarter. Pitcairn Co. now owns 18,579 shares of the company’s stock worth $1,722,000 after buying an additional 590 shares in the last quarter.
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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