Illinois Tool Works Inc. (ITW) Reaches New 1-Year High at $115.83
Illinois Tool Works Inc. (NYSE:ITW) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $115.83 and last traded at $115.70, with a volume of 633,404 shares changing hands. The stock had previously closed at $114.81.
ITW has been the subject of several analyst reports. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $117.00 price target for the company in a report on Friday, April 22nd. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $110.00 price target on shares of Illinois Tool Works in a report on Thursday, March 31st. Credit Suisse Group AG set a $114.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. Royal Bank Of Canada raised their price target on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 21st. Finally, Oppenheimer Holdings Inc. reissued a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $110.07.
The stock has a market cap of $40.82 billion and a PE ratio of 21.31. The stock’s 50-day moving average price is $107.94 and its 200-day moving average price is $100.74.
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, topping the Zacks’ consensus estimate of $1.40 by $0.06. During the same quarter in the prior year, the company posted $1.30 EPS. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works’s revenue was down .1% compared to the same quarter last year. On average, equities analysts expect that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Thursday, June 30th were given a dividend of $0.55 per share. The ex-dividend date was Tuesday, June 28th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.90%.
In related news, EVP Lei Zhang Schlitz sold 1,919 shares of the company’s stock in a transaction on Friday, May 6th. The shares were sold at an average price of $103.78, for a total transaction of $199,153.82. Following the completion of the transaction, the executive vice president now owns 592 shares in the company, valued at $61,437.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ernest Scott Santi sold 74,077 shares of the company’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 transaction, 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 institutional investors recently modified their holdings of ITW. Aberdeen Asset Management PLC UK raised its position in shares of Illinois Tool Works by 13.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 82,480 shares of the company’s stock worth $7,384,000 after buying an additional 9,517 shares in the last quarter. Gluskin Sheff & Assoc Inc. bought a new position in shares of Illinois Tool Works during the fourth quarter worth $1,666,000. Burney Co. raised its position in shares of Illinois Tool Works by 6.6% in the fourth quarter. Burney Co. now owns 17,762 shares of the company’s stock worth $1,665,000 after buying an additional 1,100 shares in the last quarter. Dai Ichi Life Insurance CO. LTD. raised its position in shares of Illinois Tool Works by 115.7% in the fourth quarter. Dai Ichi Life Insurance CO. LTD. now owns 16,334 shares of the company’s stock worth $1,514,000 after buying an additional 8,761 shares in the last quarter. Finally, Mizuho Trust & Banking Co. Ltd. raised its position in shares of Illinois Tool Works by 0.9% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 515,115 shares of the company’s stock worth $48,004,000 after buying an additional 4,801 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.