Illinois Tool Works Inc. (ITW) Shares Gap Up to $110.59
Illinois Tool Works Inc. (NYSE:ITW) gapped up before the market opened on Thursday . The stock had previously closed at $110.20, but opened at $110.59. Illinois Tool Works shares last traded at $111.33, with a volume of 474,289 shares changing hands.
Several research firms recently weighed in on ITW. Deutsche Bank AG raised their price objective on Illinois Tool Works from $119.00 to $128.00 and gave the company a “buy” rating in a report on Friday. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, July 11th. Finally, Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a report on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $107.31.
The company’s 50 day moving average price is $106.34 and its 200 day moving average price is $99.33. The stock has a market capitalization of $39.97 billion and a price-to-earnings ratio of 21.34.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, April 20th. The company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.03. The firm earned $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same period in the prior year, the company earned $1.21 EPS. The firm’s revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post $5.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Thursday, June 30th were paid a $0.55 dividend. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $2.20 dividend on an annualized basis and a yield of 1.98%.
In related news, Vice Chairman Christopher A. O’herlihy sold 22,941 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $105.42, for a total value of $2,418,440.22. Following the transaction, the insider now owns 38,424 shares of the company’s stock, valued at $4,050,658.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Sundaram Nagarajan sold 4,560 shares of the stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $110.00, for a total value of $501,600.00. Following the completion of the transaction, the executive vice president now directly owns 24,777 shares in the company, valued at approximately $2,725,470. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in ITW. Carret Asset Management LLC boosted its position in Illinois Tool Works by 1.6% in the fourth quarter. Carret Asset Management LLC now owns 12,329 shares of the company’s stock worth $1,143,000 after buying an additional 200 shares in the last quarter. Investors Capital Advisory Services boosted its position in Illinois Tool Works by 91.6% in the fourth quarter. Investors Capital Advisory Services now owns 14,014 shares of the company’s stock worth $1,298,000 after buying an additional 6,700 shares in the last quarter. Haverford Trust Co. boosted its position in Illinois Tool Works by 18.2% in the fourth quarter. Haverford Trust Co. now owns 14,187 shares of the company’s stock worth $1,315,000 after buying an additional 2,189 shares in the last quarter. Boys Arnold & Co. Inc. boosted its position in Illinois Tool Works by 63.3% in the fourth quarter. Boys Arnold & Co. Inc. now owns 15,202 shares of the company’s stock worth $1,409,000 after buying an additional 5,891 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position 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.
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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