Illinois Tool Works Inc. (NYSE:ITW) Receives Average Rating of “Buy” from Brokerages
Illinois Tool Works Inc. (NYSE:ITW) has earned a consensus rating of “Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $150.18.
Several equities analysts have issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $140.00 price target (up from $136.00) on shares of Illinois Tool Works in a report on Monday. BidaskClub lowered shares of Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Zacks Investment Research lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Goldman Sachs Group, Inc. (The) raised shares of Illinois Tool Works from a “sell” rating to a “buy” rating and boosted their price objective for the company from $131.00 to $155.00 in a report on Thursday, June 1st. Finally, Royal Bank Of Canada boosted their price objective on shares of Illinois Tool Works from $125.00 to $141.00 and gave the company a “sector perform” rating in a report on Tuesday, April 25th.
Illinois Tool Works (ITW) traded down 0.29% during trading on Tuesday, reaching $145.82. The company had a trading volume of 1,084,991 shares. Illinois Tool Works has a 12-month low of $106.69 and a 12-month high of $150.29. The stock has a market capitalization of $50.37 billion, a P/E ratio of 24.50 and a beta of 1.12. The stock has a 50 day moving average of $142.60 and a 200-day moving average of $133.40.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.45 by $0.09. Illinois Tool Works had a net margin of 15.24% and a return on equity of 45.02%. The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same period in the previous year, the company earned $1.29 earnings per share. The business’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works will post $6.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 12th. Investors of record on Friday, June 30th will be given a dividend of $0.65 per share. The ex-dividend date is Wednesday, June 28th. This represents a $2.60 dividend on an annualized basis and a yield of 1.78%. Illinois Tool Works’s dividend payout ratio is presently 43.70%.
In related news, insider John R. Hartnett sold 11,750 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $144.96, for a total transaction of $1,703,280.00. Following the completion of the transaction, the insider now directly owns 23,839 shares in the company, valued at $3,455,701.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the transaction, the insider now owns 55,878 shares of the company’s stock, valued at $8,046,432. The disclosure for this sale can be found here. Insiders have sold 220,850 shares of company stock valued at $30,945,971 over the last 90 days. 0.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. BlackRock Inc. increased its position in Illinois Tool Works by 1,661.3% in the first quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after buying an additional 18,221,359 shares in the last quarter. Wells Fargo & Company MN increased its position in Illinois Tool Works by 3.6% in the first quarter. Wells Fargo & Company MN now owns 8,905,002 shares of the industrial products company’s stock worth $1,179,646,000 after buying an additional 308,538 shares in the last quarter. Bank of New York Mellon Corp increased its position in Illinois Tool Works by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 4,554,364 shares of the industrial products company’s stock worth $603,315,000 after buying an additional 67,451 shares in the last quarter. Norges Bank acquired a new position in Illinois Tool Works during the fourth quarter worth about $491,423,000. Finally, FMR LLC increased its position in Illinois Tool Works by 0.7% in the first quarter. FMR LLC now owns 3,449,170 shares of the industrial products company’s stock worth $456,912,000 after buying an additional 23,205 shares in the last quarter. Institutional investors own 75.44% of the company’s stock.
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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