Illinois Tool Works Inc. (ITW) Price Target Raised to $135.00
Illinois Tool Works Inc. (NYSE:ITW) had its price objective lifted by analysts at Jefferies Group from $128.00 to $135.00 in a report released on Tuesday. The firm currently has a “buy” rating on the stock. Jefferies Group’s price target indicates a potential upside of 15.97% from the company’s current price.
A number of other analysts have also weighed in on ITW. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, June 21st. Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 target price for the company. in a report on Thursday, June 23rd. Deutsche Bank AG upped their target price on Illinois Tool Works from $119.00 to $128.00 and gave the company a “buy” rating in a report on Friday, July 15th. Royal Bank Of Canada upped their target price on Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a report on Thursday, July 21st. Finally, Credit Suisse Group AG set a $114.00 target price on Illinois Tool Works and gave the company a “hold” rating in a report on Thursday, July 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Illinois Tool Works has an average rating of “Hold” and a consensus target price of $110.20.
Illinois Tool Works (NYSE:ITW) traded down 2.05% during mid-day trading on Tuesday, reaching $114.02. 1,525,853 shares of the company traded hands. Illinois Tool Works has a 12-month low of $79.15 and a 12-month high of $123.50. The company’s 50-day moving average is $118.71 and its 200-day moving average is $110.50. The stock has a market capitalization of $40.47 billion, a price-to-earnings ratio of 21.23 and a beta of 1.11.
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Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a return on equity of 38.15% and a net margin of 14.65%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 earnings per share. Equities analysts predict that Illinois Tool Works will post $5.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 6th. Investors of record on Friday, September 30th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 annualized dividend and a dividend yield of 2.23%. Illinois Tool Works’s dividend payout ratio (DPR) is 48.42%.
In related news, insider John R. Hartnett sold 7,500 shares of the stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $114.08, for a total transaction of $855,600.00. Following the sale, the insider now directly owns 16,399 shares of the company’s stock, valued at $1,870,797.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ernest Scott Santi sold 74,077 shares of the stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $114.24, for a total value of $8,462,556.48. Following the sale, the chief executive officer now directly owns 75,926 shares in the company, valued at $8,673,786.24. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund boosted its stake in Illinois Tool Works by 21.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 116,676 shares of the company’s stock valued at $13,982,000 after buying an additional 20,271 shares during the period. Gofen & Glossberg LLC IL boosted its stake in Illinois Tool Works by 1.2% in the third quarter. Gofen & Glossberg LLC IL now owns 27,378 shares of the company’s stock valued at $3,281,000 after buying an additional 327 shares during the period. Dorsey Wright & Associates boosted its stake in Illinois Tool Works by 2.9% in the third quarter. Dorsey Wright & Associates now owns 7,404 shares of the company’s stock valued at $887,000 after buying an additional 212 shares during the period. City Holding Co. boosted its stake in Illinois Tool Works by 0.4% in the third quarter. City Holding Co. now owns 7,835 shares of the company’s stock valued at $939,000 after buying an additional 32 shares during the period. Finally, Nadler Financial Group Inc. boosted its stake in Illinois Tool Works by 0.4% in the third quarter. Nadler Financial Group Inc. now owns 3,223 shares of the company’s stock valued at $386,000 after buying an additional 12 shares during the period. 74.90% of the stock is currently owned by institutional investors.
Illinois Tool Works Company Profile
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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