Illinois Tool Works Inc. (ITW) Sets New 1-Year High at $116.41
Shares of Illinois Tool Works Inc. (NYSE:ITW) reached a new 52-week high during mid-day trading 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.
A number of research firms have recently issued reports on ITW. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 price objective on the stock in a report on Monday, July 25th. RBC Capital Markets reiterated a “sector perform” rating and issued a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. Credit Suisse Group AG set a $114.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. Royal Bank Of Canada lifted their price objective 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, Deutsche Bank AG lifted their price objective on shares of Illinois Tool Works from $119.00 to $128.00 and gave the company a “buy” rating in a report on Friday, July 15th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $110.07.
The stock’s 50 day moving average price is $109.67 and its 200 day moving average price is $102.12. The firm has a market capitalization of $41.67 billion and a P/E ratio of 21.76.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.30 earnings per share. Equities analysts forecast that Illinois Tool Works Inc. will post $5.62 EPS for the current year.
The company 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 $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.23%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55.
In other Illinois Tool Works news, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total transaction of $501,600.00. Following the transaction, the executive vice president now directly owns 24,777 shares in the company, valued at approximately $2,725,470. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman David C. Parry sold 10,000 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $104.35, for a total value of $1,043,500.00. Following the transaction, the insider now owns 584 shares in the company, valued at $60,940.40. The disclosure for this sale can be found here.
A number of institutional investors recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position 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 valued at $1,442,000 after buying an additional 4,671 shares during the period. Dai Ichi Life Insurance CO. LTD. boosted 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 valued at $1,514,000 after buying an additional 8,761 shares during the period. Gluskin Sheff & Assoc Inc. bought a new position in shares of Illinois Tool Works during the fourth quarter valued at $1,666,000. Pitcairn Co. boosted its position 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 valued at $1,722,000 after buying an additional 590 shares during the period. Finally, Veritable L.P. boosted its position in shares of Illinois Tool Works by 1.2% in the fourth quarter. Veritable L.P. now owns 23,062 shares of the company’s stock valued at $2,137,000 after buying an additional 280 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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