Illinois Tool Works Inc. (ITW) Reaches New 1-Year High at $123.50
Shares of Illinois Tool Works Inc. (NYSE:ITW) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $123.50 and last traded at $120.53, with a volume of 652,828 shares. The stock had previously closed at $119.64.
A number of research firms have issued reports on ITW. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Monday, July 11th. Deutsche Bank AG lifted their price objective on Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday, July 15th. Royal Bank Of Canada lifted their price objective on Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 21st. Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research note on Thursday, June 23rd. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and issued a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a research note on Sunday, July 24th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $108.21.
The company’s 50-day moving average is $116.99 and its 200 day moving average is $106.43. The firm has a market cap of $42.99 billion and a P/E ratio of 22.55.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.41 billion. The business’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business earned $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. Stockholders of record on Friday, September 30th will be given a $0.65 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $2.60 annualized dividend and a dividend yield of 2.15%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55.
In related news, EVP Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction that occurred 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 owns 24,777 shares in the company, valued at $2,725,470. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman David C. Parry sold 40,000 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $118.49, for a total value of $4,739,600.00. Following the transaction, the insider now owns 40,584 shares in the company, valued at approximately $4,808,798.16. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Illinois Tool Works stock. American International Group Inc. raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 4.0% during the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 158,702 shares of the company’s stock after buying an additional 6,173 shares during the period. American International Group Inc.’s holdings in Illinois Tool Works were worth $14,708,000 at the end of the most recent reporting 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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