Illinois Tool Works Inc. (ITW) Sets New 12-Month High at $119.84
Illinois Tool Works Inc. (NYSE:ITW)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $119.84 and last traded at $119.72, with a volume of 1,030,941 shares trading hands. The stock had previously closed at $118.98.
ITW has been the subject of several research analyst reports. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Monday, May 9th. Robert W. Baird lifted their price objective on Illinois Tool Works from $92.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, April 21st. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a research report on Tuesday, June 7th. Argus lifted their price objective on Illinois Tool Works from $102.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, April 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a research report on Thursday, April 21st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $110.07.
The stock’s 50-day moving average price is $113.90 and its 200-day moving average price is $104.54. The firm has a market capitalization of $42.47 billion and a PE ratio of 22.28.
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. The business earned $3.43 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the business posted $1.30 EPS. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be issued a $0.65 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Wednesday, September 28th.
In other Illinois Tool Works news, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total value of $501,600.00. Following the sale, the executive vice president now owns 24,777 shares of the company’s stock, valued at approximately $2,725,470. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total value of $8,462,556.48. Following the completion of the sale, the chief executive officer now directly owns 75,926 shares in the company, valued at approximately $8,673,786.24. The disclosure for this sale can be found here.
Other large investors have modified their holdings of the company. Eaton Vance Management increased its stake in shares of Illinois Tool Works by 0.7% in the fourth quarter. Eaton Vance Management now owns 1,170,945 shares of the company’s stock worth $108,523,000 after buying an additional 8,429 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Illinois Tool Works by 3.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 912,810 shares of the company’s stock valued at $84,600,000 after buying an additional 26,714 shares during the period. Dimensional Fund Advisors LP increased its stake in Illinois Tool Works by 5.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 726,770 shares of the company’s stock valued at $67,360,000 after buying an additional 35,663 shares during the period. State of Tennessee Treasury Department increased its stake in Illinois Tool Works by 505.4% in the fourth quarter. State of Tennessee Treasury Department now owns 308,775 shares of the company’s stock valued at $28,617,000 after buying an additional 257,775 shares during the period. Finally, King Luther Capital Management Corp increased its stake in Illinois Tool Works by 147.0% in the fourth quarter. King Luther Capital Management Corp now owns 174,076 shares of the company’s stock valued at $16,133,000 after buying an additional 103,608 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.
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.