Illinois Tool Works Inc. (NYSE:ITW) has been assigned an average recommendation of “Hold” from the fourteen brokerages that are currently covering the company, Marketbeat.com reports. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $146.00.
Several research firms have issued reports on ITW. Zacks Investment Research cut shares of Illinois Tool Works from a “hold” rating to a “sell” rating and set a $180.00 target price on the stock. in a research note on Monday, October 28th. Seaport Global Securities reissued a “neutral” rating on shares of Illinois Tool Works in a research note on Monday, October 28th. Credit Suisse Group raised their price target on Illinois Tool Works from $144.00 to $152.00 and gave the company a “neutral” rating in a research report on Monday, October 28th. Argus set a $180.00 price target on Illinois Tool Works and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Morgan Stanley reduced their price objective on Illinois Tool Works from $140.00 to $136.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 16th.
In other news, CAO Randall J. Scheuneman sold 11,977 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $171.63, for a total transaction of $2,055,612.51. Following the completion of the sale, the chief accounting officer now owns 18,649 shares of the company’s stock, valued at $3,200,727.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Juan Valls sold 64,894 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $160.51, for a total value of $10,416,135.94. Following the sale, the executive vice president now directly owns 67,047 shares of the company’s stock, valued at approximately $10,761,713.97. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 346,180 shares of company stock valued at $57,725,646. Company insiders own 0.87% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Invesco Ltd. grew its stake in shares of Illinois Tool Works by 179.7% in the second quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock worth $322,590,000 after purchasing an additional 1,374,150 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Illinois Tool Works by 6,875.2% in the second quarter. Nuveen Asset Management LLC now owns 1,237,183 shares of the industrial products company’s stock worth $186,579,000 after buying an additional 1,219,446 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Illinois Tool Works by 2.6% in the second quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock worth $3,935,459,000 after buying an additional 659,248 shares during the period. BlackRock Inc. lifted its holdings in Illinois Tool Works by 3.0% in the second quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock worth $3,053,058,000 after buying an additional 581,489 shares during the period. Finally, Pictet Asset Management Ltd. boosted its position in Illinois Tool Works by 215.6% during the 3rd quarter. Pictet Asset Management Ltd. now owns 422,637 shares of the industrial products company’s stock valued at $66,138,000 after acquiring an additional 288,708 shares in the last quarter. 77.88% of the stock is owned by institutional investors and hedge funds.
NYSE ITW traded down $1.35 during trading hours on Tuesday, hitting $170.73. The company had a trading volume of 31,414 shares, compared to its average volume of 944,634. The company has a debt-to-equity ratio of 2.57, a quick ratio of 2.27 and a current ratio of 2.81. The firm has a market capitalization of $56.03 billion, a price-to-earnings ratio of 22.42, a PEG ratio of 2.96 and a beta of 1.21. Illinois Tool Works has a 52 week low of $117.75 and a 52 week high of $179.29. The firm has a 50 day simple moving average of $170.03 and a 200 day simple moving average of $155.50.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Friday, October 25th. The industrial products company reported $2.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.94 by $0.10. Illinois Tool Works had a return on equity of 80.38% and a net margin of 17.49%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the business posted $1.76 earnings per share. The company’s revenue was down 5.4% on a year-over-year basis. On average, research analysts forecast that Illinois Tool Works will post 7.7 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Monday, December 30th. Illinois Tool Works’s dividend payout ratio is presently 56.32%.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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