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 issued on Tuesday. The firm currently has a “buy” rating on the stock. Jefferies Group’s price objective points to a potential upside of 15.97% from the stock’s current price.
Several other equities analysts have also weighed in on the stock. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a research report on Friday, September 16th. Deutsche Bank AG reissued a “buy” rating and issued a $102.00 price objective on shares of Illinois Tool Works in a research report on Thursday, August 25th. Royal Bank Of Canada increased their price objective on shares of Illinois Tool Works from $101.00 to $104.00 and gave the company a “sector perform” rating in a research report on Thursday, July 21st. RBC Capital Markets reissued a “sector perform” rating and issued a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Finally, Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research report on Thursday, June 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $110.20.
Shares of Illinois Tool Works (NYSE:ITW) traded down 2.05% during 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 has a 50-day moving average of $118.71 and a 200-day moving average of $110.50. The stock has a market capitalization of $40.47 billion, a PE ratio of 21.23 and a beta of 1.11.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.06. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the firm posted $1.30 earnings per share. The company’s quarterly revenue was down .1% compared to the same quarter last year. Analysts forecast that Illinois Tool Works will post $5.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were paid a $0.65 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Wednesday, September 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 48.42%.
In other news, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction that occurred 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 approximately $8,673,786.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sundaram Nagarajan sold 4,560 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total transaction of $544,920.00. Following the completion of the sale, the insider now owns 24,777 shares in the company, valued at $2,960,851.50. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. Hudock Capital Group LLC increased its stake in Illinois Tool Works by 0.5% in the second quarter. Hudock Capital Group LLC now owns 1,037 shares of the company’s stock worth $108,000 after buying an additional 5 shares during the last quarter. Archford Capital Strategies LLC increased its stake in Illinois Tool Works by 1,008.5% in the second quarter. Archford Capital Strategies LLC now owns 1,175 shares of the company’s stock worth $122,000 after buying an additional 1,069 shares during the last quarter. Acropolis Investment Management LLC bought a new stake in Illinois Tool Works during the second quarter worth $128,000. Farmers National Bank bought a new stake in Illinois Tool Works during the second quarter worth $129,000. Finally, Kernodle & Katon Asset Management Group LLC increased its stake in Illinois Tool Works by 85.8% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,293 shares of the company’s stock worth $135,000 after buying an additional 597 shares during the last quarter. Institutional investors own 74.90% of the company’s stock.
About Illinois Tool Works
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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