Traders Sell Shares of Illinois Tool Works Inc. (ITW) on Strength (ITW)
Investors sold shares of Illinois Tool Works Inc. (NYSE:ITW) on strength during trading 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 0th 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 recent research reports. Zacks Investment Research lowered shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Monday, April 11th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Illinois Tool Works in a research report on Sunday, April 17th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating on shares of Illinois Tool Works in a research report on Tuesday, April 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a research report on Thursday, April 21st. Finally, Argus raised their price objective on shares of Illinois Tool Works from $102.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, April 21st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $110.07.
The firm has a 50 day moving average price of $109.67 and a 200-day moving average price of $102.12. The firm has a market cap of $41.67 billion and a PE ratio of 21.76.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. The company’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 EPS. Analysts forecast that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 2.23%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55.
In other news, CEO Ernest Scott Santi sold 74,077 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the sale, the chief executive officer now owns 75,926 shares in the company, valued at approximately $8,673,786.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman David C. Parry sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $104.35, for a total value of $1,043,500.00. Following the sale, the insider now owns 584 shares in the company, valued at approximately $60,940.40. The disclosure for this sale can be found here.
Several large investors recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake 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. boosted its stake 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. Gluskin Sheff & Assoc Inc. bought a new stake in shares of Illinois Tool Works during the fourth quarter worth about $1,666,000. Pitcairn Co. boosted its stake 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. Finally, Veritable L.P. boosted its stake in shares of Illinois Tool Works by 1.2% in the fourth quarter. Veritable L.P. now owns 23,062 shares of the company’s stock worth $2,137,000 after buying an additional 280 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.