Wells Fargo & Company set a $170.00 price objective on Illinois Tool Works Inc. (NYSE:ITW) in a research note released on Monday, October 16th. The firm currently has a buy rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.
A number of other research analysts have also weighed in on the company. J P Morgan Chase & Co upgraded Illinois Tool Works from an underweight rating to a neutral rating and raised their price objective for the company from $132.00 to $140.00 in a research report on Tuesday, October 10th. Citigroup Inc. restated a buy rating and set a $171.00 price objective (up previously from $162.00) on shares of Illinois Tool Works in a research report on Monday, October 9th. Morgan Stanley restated an equal weight rating and set a $147.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a research report on Monday, October 2nd. Royal Bank Of Canada reiterated a hold rating and issued a $143.00 price target on shares of Illinois Tool Works in a research report on Wednesday, September 13th. Finally, BidaskClub lowered Illinois Tool Works from a sell rating to a strong sell rating in a research report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. Illinois Tool Works currently has an average rating of Hold and an average price target of $157.27.
Shares of Illinois Tool Works (NYSE ITW) opened at 157.50 on Monday. The company’s 50 day moving average price is $148.94 and its 200 day moving average price is $142.74. The company has a market capitalization of $54.20 billion, a P/E ratio of 25.49 and a beta of 1.12. Illinois Tool Works has a 12 month low of $111.53 and a 12 month high of $159.36.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, October 23rd. The industrial products company reported $1.85 EPS for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.20. The business had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.50 earnings per share. Analysts expect that Illinois Tool Works will post $6.64 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Friday, September 29th were paid a $0.78 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date was Thursday, September 28th. This represents a $3.12 dividend on an annualized basis and a yield of 1.98%. Illinois Tool Works’s payout ratio is 47.78%.
In related news, EVP Juan Valls sold 48,622 shares of the business’s stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $156.73, for a total value of $7,620,526.06. Following the completion of the transaction, the executive vice president now owns 71,101 shares of the company’s stock, valued at $11,143,659.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven L. Martindale sold 64,818 shares of Illinois Tool Works stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $157.19, for a total transaction of $10,188,741.42. Following the completion of the transaction, the insider now directly owns 95,328 shares in the company, valued at $14,984,608.32. The disclosure for this sale can be found here. Insiders sold 126,506 shares of company stock valued at $19,801,832 in the last three months. 0.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Omnia Family Wealth LLC grew its holdings in Illinois Tool Works by 0.3% in the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 2 shares during the last quarter. Harding Loevner LP purchased a new position in Illinois Tool Works in the second quarter worth $115,000. WFG Advisors LP grew its holdings in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after purchasing an additional 161 shares during the last quarter. TrimTabs Asset Management LLC grew its holdings in Illinois Tool Works by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock worth $118,000 after purchasing an additional 416 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its holdings in Illinois Tool Works by 1.9% in the second quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock worth $129,000 after purchasing an additional 17 shares during the last quarter. 74.73% of the stock is currently owned by institutional investors and hedge funds.
About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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