Illinois Tool Works Inc. (ITW) Hits New 1-Year High at $123.50
Illinois Tool Works Inc. (NYSE:ITW) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $123.50 and last traded at $120.53, with a volume of 652,828 shares trading hands. The stock had previously closed at $119.64.
A number of equities research analysts have issued reports on ITW shares. Credit Suisse Group AG set a $114.00 price target on Illinois Tool Works and gave the company a “hold” rating in a research note on Thursday, July 21st. Royal Bank Of Canada boosted their price target on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research note on Thursday, July 21st. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Monday, July 11th. Finally, Deutsche Bank AG restated a “buy” rating and set a $102.00 price target on shares of Illinois Tool Works in a research note on Thursday, August 25th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $108.21.
The stock has a 50 day moving average of $116.75 and a 200 day moving average of $106.34. The stock has a market cap of $42.91 billion and a price-to-earnings ratio of 22.51.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the previous year, the business earned $1.30 earnings per share. 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 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.17%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 28th.
In related news, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total transaction of $501,600.00. Following the sale, the executive vice president now directly owns 24,777 shares of the company’s stock, valued at $2,725,470. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman David C. Parry sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $118.49, for a total value of $4,739,600.00. Following the sale, the insider now directly owns 40,584 shares in the company, valued at $4,808,798.16. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Illinois Tool Works stock. Schwab Charles Investment Management Inc. boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 912,810 shares of the company’s stock after buying an additional 26,714 shares during the period. Schwab Charles Investment Management Inc. owned about 0.25% of Illinois Tool Works worth $84,600,000 at the end of the most recent reporting 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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