Illinois Tool Works Inc. (ITW) Hits New 1-Year High at $118.38
Illinois Tool Works Inc. (NYSE:ITW)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $118.38 and last traded at $117.62, with a volume of 523,119 shares trading hands. The stock had previously closed at $118.08.
Several brokerages recently weighed in on ITW. Deutsche Bank AG reaffirmed a “buy” rating on shares of Illinois Tool Works in a research note on Sunday, April 17th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $118.00 price target on the stock in a research note on Tuesday, May 3rd. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Seaport Global Securities reaffirmed a “buy” rating and issued a $125.00 price target (up from $105.00) on shares of Illinois Tool Works in a research note on Thursday, April 21st. Finally, Argus upped their price target on Illinois Tool Works from $102.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, April 21st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Illinois Tool Works currently has a consensus rating of “Buy” and a consensus target price of $110.07.
The firm has a market cap of $42.26 billion and a P/E ratio of 22.17. The company’s 50 day moving average is $111.03 and its 200-day moving average is $103.16.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.06. During the same period last year, the firm earned $1.30 earnings per share. The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. The company’s revenue for the quarter was down .1% on a year-over-year basis. Equities analysts predict that Illinois Tool Works Inc. will post $5.63 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 given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.19%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 28th.
In other Illinois Tool Works news, VP Randall J. Scheuneman sold 15,641 shares of Illinois Tool Works stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $114.21, for a total transaction of $1,786,358.61. Following the completion of the sale, the vice president now directly owns 19,791 shares of the company’s stock, valued at approximately $2,260,330.11. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman David C. Parry sold 10,000 shares of Illinois Tool Works stock in a transaction on Monday, May 16th. The shares were sold at an average price of $104.35, for a total value of $1,043,500.00. Following the sale, the insider now directly owns 584 shares of the company’s stock, valued at $60,940.40. The disclosure for this sale can be found here.
Other large investors have recently modified their holdings of the company. Royce & Associates LLC raised its stake in shares of Illinois Tool Works by 0.7% in the fourth quarter. Royce & Associates LLC now owns 75,100 shares of the company’s stock worth $6,960,000 after buying an additional 500 shares during the period. Pitcairn Co. raised 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 during the period. Braver Wealth Management LLC raised its stake in shares of Illinois Tool Works by 9.7% in the fourth quarter. Braver Wealth Management LLC now owns 32,148 shares of the company’s stock worth $2,980,000 after buying an additional 2,849 shares during the period. Morgan Stanley raised its stake in shares of Illinois Tool Works by 0.4% in the fourth quarter. Morgan Stanley now owns 790,585 shares of the company’s stock worth $73,271,000 after buying an additional 3,362 shares during the period. Finally, Victory Capital Management Inc. raised 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 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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