Insider Buying: Michael Larsen Acquires 7,000 Shares of Illinois Tool Works Stock (ITW)
Illinois Tool Works (NYSE:ITW) CFO Michael Larsen bought 7,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $74.25 per share, for a total transaction of $519,750.00. Following the transaction, the chief financial officer now directly owns 14,000 shares of the company’s stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of analysts have recently weighed in on ITW shares. Analysts at FBR Capital Markets raised their price target on shares of Illinois Tool Works (NYSE:ITW) from $80.00 to $85.00 in a research note to investors on Thursday, August 22nd. They now have an “outperform” rating on the stock. Separately, analysts at ISI Group downgraded shares of Illinois Tool Works (NYSE:ITW) from a “buy” rating to a “neutral” rating in a research note to investors on Friday, August 9th. Finally, analysts at Stifel Nicolaus raised their price target on shares of Illinois Tool Works (NYSE:ITW) from $71.00 to $78.00 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock.
Three analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $72.23.
Illinois Tool Works (NYSE:ITW) traded up 0.72% during mid-day trading on Friday, hitting $74.47. 819,720 shares of the company’s stock traded hands. Illinois Tool Works has a 52 week low of $58.12 and a 52 week high of $75.39. The stock has a 50-day moving average of $72.84 and a 200-day moving average of $68.02. The company has a market cap of $33.354 billion and a price-to-earnings ratio of 14.64.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.03 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.10 by $0.07. The company had revenue of $4.22 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the company posted $1.11 earnings per share. Illinois Tool Works’s revenue was down 5.5% compared to the same quarter last year. On average, analysts predict that Illinois Tool Works will post $4.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, October 8th. Investors of record on Monday, September 30th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Thursday, September 26th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.38.
Illinois Tool Works Inc (NYSE:ITW), is a multinational manufacturer of a diversified range of industrial products and equipment with operations in 58 countries.
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