Investors Buy Shares of Illinois Tool Works Inc. (ITW) on Weakness
Investors purchased shares of Illinois Tool Works Inc. (NYSE:ITW) on weakness during trading on Wednesday. $43.16 million flowed into the stock on the tick-up and $23.80 million flowed out of the stock on the tick-down, for a money net flow of $19.36 million into the stock. Of all companies tracked, Illinois Tool Works had the 5th highest net in-flow for the day. Illinois Tool Works traded down ($0.25) for the day and closed at $119.53
ITW has been the topic of several analyst reports. Zacks Investment Research downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Oppenheimer Holdings Inc. reiterated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Royal Bank Of Canada upped 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. Deutsche Bank AG upped their price target 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. Finally, RBC Capital Markets restated a “sector perform” rating and issued a $104.00 target price (up from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $110.07.
The company’s 50 day moving average price is $114.91 and its 200-day moving average price is $105.29. The stock has a market capitalization of $42.43 billion and a P/E ratio of 22.26.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.06. During the same quarter last year, the firm posted $1.30 EPS. The business earned $3.43 billion during the quarter, compared to analyst estimates of $3.41 billion. The company’s revenue for the quarter was down .1% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post $5.63 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 28th. This is an increase 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 business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 24,777 shares in the company, valued at approximately $2,725,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman David C. Parry sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the transaction, the insider now owns 40,584 shares of the company’s stock, valued at approximately $4,808,798.16. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently bought and sold shares of ITW. Ameriprise Financial Inc. boosted its position in Illinois Tool Works by 178.6% in the fourth quarter. Ameriprise Financial Inc. now owns 1,334,450 shares of the company’s stock valued at $123,730,000 after buying an additional 855,460 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Illinois Tool Works by 3.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 912,810 shares of the company’s stock valued at $84,600,000 after buying an additional 26,714 shares during the period. King Luther Capital Management Corp boosted its position in Illinois Tool Works by 147.0% in the fourth quarter. King Luther Capital Management Corp now owns 174,076 shares of the company’s stock valued at $16,133,000 after buying an additional 103,608 shares during the period. Calvert Investment Management Inc. boosted its position in Illinois Tool Works by 35.6% in the fourth quarter. Calvert Investment Management Inc. now owns 22,668 shares of the company’s stock valued at $2,101,000 after buying an additional 5,955 shares during the period. Finally, American International Group Inc. boosted its position in Illinois Tool Works by 4.0% in the fourth quarter. American International Group Inc. now owns 158,702 shares of the company’s stock valued at $14,708,000 after buying an additional 6,173 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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