Investors Sell Shares of Illinois Tool Works Inc. (ITW) on Strength (ITW)
Traders sold shares of Illinois Tool Works Inc. (NYSE:ITW) on strength during trading hours on Friday. $23.30 million flowed into the stock on the tick-up and $46.66 million flowed out of the stock on the tick-down, for a money net flow of $23.36 million out of the stock. Of all equities tracked, Illinois Tool Works had the 0th highest net out-flow for the day. Illinois Tool Works traded up $0.66 for the day and closed at $119.64
Several research analysts have issued reports on the company. Robert W. Baird lowered Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price for the company. in a research report on Thursday, June 23rd. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Tuesday, June 21st. Deutsche Bank AG lifted their price target on shares of Illinois Tool Works from $119.00 to $128.00 and gave the company a “buy” rating in a research note on Friday, July 15th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $104.00 price target (up previously from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Finally, Oppenheimer Holdings Inc. reaffirmed a “buy” rating on shares of Illinois Tool Works in a research note on Tuesday, June 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $110.07.
The stock has a 50-day moving average price of $113.90 and a 200 day moving average price of $104.54. The firm has a market cap of $42.47 billion and a price-to-earnings ratio of 22.28.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.06. The business earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.41 billion. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 EPS. On average, analysts anticipate that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Friday, September 30th will be issued a $0.65 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.17%.
In other news, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total value of $8,462,556.48. Following the sale, the chief executive officer now directly owns 75,926 shares in the company, valued at approximately $8,673,786.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $110.00, for a total transaction of $501,600.00. Following the completion of the sale, the executive vice president now owns 24,777 shares in the company, valued at $2,725,470. The disclosure for this sale can be found here.
Several large investors have recently made changes to their positions in the stock. Braver Wealth Management LLC raised its stake in shares of Illinois Tool Works by 9.7% in the fourth quarter. Braver Wealth Management LLC now owns 32,148 shares of the company’s stock worth $2,980,000 after buying an additional 2,849 shares during the last quarter. 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 last quarter. Calvert Investment Management Inc. raised its stake in shares of Illinois Tool Works by 35.6% in the fourth quarter. Calvert Investment Management Inc. now owns 22,668 shares of the company’s stock worth $2,101,000 after buying an additional 5,955 shares during the last quarter. American International Group Inc. raised its stake in shares of Illinois Tool Works by 4.0% in the fourth quarter. American International Group Inc. now owns 158,702 shares of the company’s stock worth $14,708,000 after buying an additional 6,173 shares during the last quarter. Finally, Eaton Vance Management raised its stake in shares of Illinois Tool Works by 0.7% in the fourth quarter. Eaton Vance Management now owns 1,170,945 shares of the company’s stock worth $108,523,000 after buying an additional 8,429 shares during 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.