Illinois Tool Works Inc. (ITW) Reaches New 12-Month High at $120.78
Illinois Tool Works Inc. (NYSE:ITW) shares hit a new 52-week high during trading on Friday . The company traded as high as $120.78 and last traded at $119.62, with a volume of 614,625 shares traded. The stock had previously closed at $119.40.
A number of brokerages recently commented on ITW. Robert W. Baird cut Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research report on Thursday, June 23rd. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Tuesday, June 21st. Deutsche Bank AG raised their price target on Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. RBC Capital Markets restated a “sector perform” rating and issued a $104.00 price target (up previously from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Finally, Oppenheimer Holdings Inc. restated a “buy” rating on shares of Illinois Tool Works in a research report on Tuesday, June 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $108.21.
The company has a market cap of $42.46 billion and a P/E ratio of 22.28. The company has a 50-day moving average price of $115.68 and a 200-day moving average price of $105.60.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data 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. During the same period last year, the company posted $1.30 EPS. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.41 billion. The business’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works Inc. will post $5.63 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 6th. Investors of record on Friday, September 30th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 dividend on an annualized basis and a yield of 2.17%.
In related news, Vice Chairman David C. Parry sold 40,000 shares of the stock in a transaction dated 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 sale, the insider now owns 40,584 shares of the company’s stock, valued at approximately $4,808,798.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sundaram Nagarajan sold 4,560 shares of the stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $110.00, for a total value of $501,600.00. Following the sale, the executive vice president now directly owns 24,777 shares in the company, valued at approximately $2,725,470. The disclosure for this sale can be found here.
A number of hedge funds recently modified their holdings of the company. Ameriprise Financial Inc. boosted its stake in shares of Illinois Tool Works by 178.6% in the fourth quarter. Ameriprise Financial Inc. now owns 1,334,450 shares of the company’s stock worth $123,730,000 after buying an additional 855,460 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of 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 worth $84,600,000 after buying an additional 26,714 shares during the period. King Luther Capital Management Corp boosted its stake in shares of 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 worth $16,133,000 after buying an additional 103,608 shares during the period. Finally, American International Group Inc. boosted 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 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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