Illinois Tool Works Inc. (ITW) Sets New 12-Month High at $118.38
Illinois Tool Works Inc. (NYSE:ITW)’s share price reached a new 52-week high on Wednesday . The company traded as high as $118.38 and last traded at $117.62, with a volume of 523,119 shares changing hands. The stock had previously closed at $118.08.
Several brokerages have commented on ITW. Deutsche Bank AG restated a “buy” rating on shares of Illinois Tool Works in a research report on Sunday, April 17th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $118.00 target price on the stock in a research report on Tuesday, May 3rd. Seaport Global Securities restated a “buy” rating and set a $125.00 target price (up from $105.00) on shares of Illinois Tool Works in a research report on Thursday, April 21st. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research report on Thursday, June 23rd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Illinois Tool Works has a consensus rating of “Buy” and a consensus price target of $110.07.
The stock has a market capitalization of $41.75 billion and a PE ratio of 21.90. The firm’s 50-day moving average is $110.32 and its 200 day moving average is $102.94.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The business earned $3.43 billion during the quarter, compared to the consensus estimate of $3.41 billion. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 EPS. On average, analysts expect that Illinois Tool Works Inc. will post $5.63 earnings per share for the current fiscal 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 paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 annualized dividend and a yield of 2.20%.
In related news, CEO Ernest Scott Santi sold 74,077 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $114.24, for a total value of $8,462,556.48. Following the completion of the transaction, the chief executive officer now owns 75,926 shares in the company, valued at approximately $8,673,786.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman David C. Parry sold 10,000 shares of the 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 completion of the transaction, the insider now owns 584 shares of the company’s stock, valued at approximately $60,940.40. The disclosure for this sale can be found here.
Several institutional investors recently added to or reduced their stakes in ITW. Victory Capital Management Inc. raised 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 during the period. Dai Ichi Life Insurance CO. LTD. raised its position in 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. Gluskin Sheff & Assoc Inc. bought a new position in Illinois Tool Works during the fourth quarter worth $1,666,000. Pitcairn Co. raised its position in 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. Finally, Veritable L.P. raised its position in Illinois Tool Works by 1.2% in the fourth quarter. Veritable L.P. now owns 23,062 shares of the company’s stock worth $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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