Illinois Tool Works Inc. (ITW) Hits New 1-Year High at $120.78
Illinois Tool Works Inc. (NYSE:ITW)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $120.78 and last traded at $119.62, with a volume of 614,625 shares traded. The stock had previously closed at $119.40.
A number of equities analysts recently issued reports on ITW shares. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Tuesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and set a $102.00 price target on shares of Illinois Tool Works in a report on Thursday. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Credit Suisse Group AG set a $114.00 price target on Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. Finally, Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target on the stock. in a report on Thursday, June 23rd. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $108.21.
The company has a market capitalization of $42.38 billion and a P/E ratio of 22.23. The firm has a 50 day moving average price of $115.30 and a 200 day moving average price of $105.39.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, beating the Zacks’ 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. Illinois Tool Works’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. Equities analysts expect that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55.
In related news, Vice Chairman David C. Parry sold 40,000 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $118.49, for a total value of $4,739,600.00. Following the completion of the sale, the insider now owns 40,584 shares in the company, valued at approximately $4,808,798.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ernest Scott Santi sold 74,077 shares of the company’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total transaction of $8,462,556.48. Following the completion of the sale, the chief executive officer now owns 75,926 shares of the company’s stock, valued at approximately $8,673,786.24. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. boosted its stake in 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. American International Group Inc. boosted its position in Illinois Tool Works by 4.0% in the fourth quarter. American International Group Inc. now owns 158,702 shares of the company’s stock worth $14,708,000 after buying an additional 6,173 shares during the period. King Luther Capital Management Corp boosted its position 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 worth $16,133,000 after buying an additional 103,608 shares during the period. State of Tennessee Treasury Department boosted its position 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 worth $28,617,000 after buying an additional 257,775 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position 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 worth $67,360,000 after buying an additional 35,663 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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