Illinois Tool Works Inc. (ITW) Shares Gap Up to $119.64
Illinois Tool Works Inc. (NYSE:ITW)’s share price gapped up before the market opened on Monday . The stock had previously closed at $119.34, but opened at $119.64. Illinois Tool Works shares last traded at $121.12, with a volume of 1,519,300 shares changing hands.
Several research firms have recently weighed in on ITW. Deutsche Bank AG reissued a “buy” rating and set a $102.00 target price on shares of Illinois Tool Works in a research report on Thursday, August 25th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research report on Monday, July 25th. RBC Capital Markets reissued a “sector perform” rating and set a $104.00 target price (up previously from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Credit Suisse Group AG set a $114.00 target price on Illinois Tool Works and gave the company a “hold” rating in a research report on Thursday, July 21st. Finally, Royal Bank Of Canada boosted their target price on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 21st. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $108.21.
The firm has a 50 day moving average price of $116.99 and a 200 day moving average price of $106.43. The company has a market capitalization of $42.99 billion and a PE ratio of 22.55.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.06. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.41 billion. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 EPS. On average, equities analysts anticipate that Illinois Tool Works Inc. will post $5.63 earnings per share for the current fiscal year.
The business 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 dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a yield of 2.15%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55.
In other Illinois Tool Works news, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 75,926 shares of the company’s stock, valued at $8,673,786.24. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman David C. Parry sold 40,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $4,808,798.16. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Illinois Tool Works stock. Schwab Charles Investment Management Inc. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.0% during the fourth quarter, according to its most recent disclosure with the SEC. The firm 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 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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