Illinois Tool Works Inc. (ITW) Hits New 1-Year High at $116.41
Illinois Tool Works Inc. (NYSE:ITW) shares reached a new 52-week high on Thursday . The company traded as high as $116.41 and last traded at $115.98, with a volume of 425,307 shares changing hands. The stock had previously closed at $115.15.
ITW has been the subject of a number of recent analyst reports. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $117.00 target price for the company in a report on Friday, April 22nd. Credit Suisse Group AG set a $114.00 target price on Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. Royal Bank Of Canada lifted their target price on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 21st. Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Finally, Deutsche Bank AG lifted their target price on Illinois Tool Works from $104.00 to $116.00 and gave the company a “buy” rating in a report on Monday, April 25th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $110.07.
The firm has a market cap of $41.24 billion and a P/E ratio of 21.53. The company’s 50 day moving average is $109.04 and its 200-day moving average is $101.92.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.06. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the business posted $1.30 earnings per share. Illinois Tool Works’s revenue was down .1% on a year-over-year basis. Equities analysts predict that Illinois Tool Works Inc. will post $5.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Thursday, June 30th were paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Tuesday, June 28th.
In other Illinois Tool Works news, VP Randall J. Scheuneman sold 15,641 shares of Illinois Tool Works stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $114.21, for a total transaction of $1,786,358.61. Following the completion of the sale, the vice president now directly owns 19,791 shares of the company’s stock, valued at approximately $2,260,330.11. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lei Zhang Schlitz sold 1,919 shares of Illinois Tool Works stock in a transaction on Friday, May 6th. The shares were sold at an average price of $103.78, for a total value of $199,153.82. Following the sale, the executive vice president now directly owns 592 shares of the company’s stock, valued at $61,437.76. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of ITW. Victory Capital Management Inc. raised its stake in shares of 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 during the period. Dai Ichi Life Insurance CO. LTD. raised its stake 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 during the period. Burney Co. raised its stake 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 during the period. Gluskin Sheff & Assoc Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth $1,666,000. Finally, Pitcairn Co. raised its stake in shares of Illinois Tool Works by 3.3% in the fourth quarter. Pitcairn Co. now owns 18,579 shares of the company’s stock worth $1,722,000 after buying an additional 590 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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