Illinois Tool Works Inc. (ITW) Sees Large Volume Increase Following Analyst Upgrade
Illinois Tool Works Inc. (NYSE:ITW) shares saw unusually-high trading volume on Tuesday after Jefferies Group raised their price target on the stock from $128.00 to $135.00. Jefferies Group currently has a buy rating on the stock. Approximately 3,979,117 shares changed hands during trading, an increase of 58% from the previous session’s volume of 2,517,472 shares.The stock last traded at $115.04 and had previously closed at $116.41.
Other analysts have also issued research reports about the stock. Deutsche Bank AG lifted their target price on shares of Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a report on Friday, July 15th. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a report on Monday, July 25th. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, July 21st. Robert W. Baird lowered shares of 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. Finally, RBC Capital Markets reaffirmed a “sector perform” rating and set a $104.00 target price (up previously from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $110.20.
In other Illinois Tool Works news, CFO Michael M. Larsen sold 14,000 shares of the business’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $113.99, for a total transaction of $1,595,860.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman David C. Parry sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $118.49, for a total transaction of $4,739,600.00. Following the sale, the insider now directly owns 40,584 shares in the company, valued at $4,808,798.16. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Large investors have recently modified their holdings of the company. AXA boosted its stake in shares of Illinois Tool Works by 5.0% in the first quarter. AXA now owns 229,312 shares of the company’s stock worth $23,491,000 after buying an additional 11,000 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Illinois Tool Works during the first quarter worth about $922,000. BB&T Securities LLC boosted its stake in shares of Illinois Tool Works by 4.6% in the first quarter. BB&T Securities LLC now owns 78,426 shares of the company’s stock worth $8,033,000 after buying an additional 3,428 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Illinois Tool Works by 1.1% in the first quarter. Canada Pension Plan Investment Board now owns 8,013 shares of the company’s stock worth $821,000 after buying an additional 87 shares during the last quarter. Finally, Credit Agricole S A boosted its stake in shares of Illinois Tool Works by 181.0% in the first quarter. Credit Agricole S A now owns 546,890 shares of the company’s stock worth $56,024,000 after buying an additional 352,273 shares during the last quarter. 74.90% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market cap of $40.83 billion, a P/E ratio of 21.42 and a beta of 1.11. The stock’s 50 day moving average price is $118.58 and its 200 day moving average price is $110.54.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.40 by $0.06. The company earned $3.43 billion during the quarter, compared to analyst estimates of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. Illinois Tool Works’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.30 earnings per share. Equities analysts predict that Illinois Tool Works Inc. will post $5.62 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 6th. Shareholders of record on Friday, September 30th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 2.26%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Wednesday, September 28th. Illinois Tool Works’s payout ratio is presently 48.42%.
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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