Illinois Tool Works Inc. (ITW) Downgraded by Goldman Sachs Group Inc. to “Neutral”
Goldman Sachs Group Inc. lowered shares of Illinois Tool Works Inc. (NYSE:ITW) from a buy rating to a neutral rating in a report published on Monday morning. They currently have $125.00 price target on the stock. The analysts noted that the move was a valuation call.
Other research analysts have also recently issued reports about the company. Deutsche Bank AG reaffirmed a buy rating and set a $102.00 price objective on shares of Illinois Tool Works in a research report on Thursday, August 25th. Zacks Investment Research raised Illinois Tool Works from a hold rating to a buy rating and set a $128.00 price objective for the company in a research report on Monday, July 25th. Jefferies Group upped their price objective on Illinois Tool Works from $128.00 to $135.00 and gave the stock a buy rating in a research report on Tuesday, October 11th. Finally, RBC Capital Markets reissued a sector perform rating and set a $104.00 price target (up from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $111.20.
Shares of Illinois Tool Works (NYSE:ITW) traded up 0.24% on Monday, reaching $123.78. The company’s stock had a trading volume of 464,131 shares. Illinois Tool Works has a 1-year low of $79.15 and a 1-year high of $125.15. The company’s 50 day moving average is $117.45 and its 200-day moving average is $113.34. The firm has a market cap of $43.45 billion, a price-to-earnings ratio of 22.60 and a beta of 1.06.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Thursday, October 20th. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.01. The company earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Illinois Tool Works had a return on equity of 39.18% and a net margin of 14.68%. Illinois Tool Works’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 earnings per share. Equities research analysts expect that Illinois Tool Works will post $5.63 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 11th. Shareholders of record on Friday, December 30th will be paid a dividend of $0.65 per share. The ex-dividend date is Wednesday, December 28th. This represents a $2.60 dividend on an annualized basis and a yield of 2.11%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.45%.
In other Illinois Tool Works news, Vice Chairman David C. Parry sold 31,037 shares of the firm’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $124.26, for a total value of $3,856,657.62. Following the sale, the insider now owns 31,621 shares of the company’s stock, valued at approximately $3,929,225.46. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sundaram Nagarajan sold 34,299 shares of the firm’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $122.62, for a total value of $4,205,743.38. Following the completion of the sale, the insider now directly owns 54,516 shares in the company, valued at approximately $6,684,751.92. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its stake in shares of Illinois Tool Works by 68.3% in the second quarter. Ameriprise Financial Inc. now owns 2,847,563 shares of the company’s stock worth $296,644,000 after buying an additional 1,155,191 shares in the last quarter. FMR LLC increased its stake in shares of Illinois Tool Works by 51.4% in the second quarter. FMR LLC now owns 3,111,178 shares of the company’s stock worth $324,061,000 after buying an additional 1,055,623 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Illinois Tool Works during the second quarter worth $106,575,000. Morgan Stanley increased its stake in shares of Illinois Tool Works by 20.3% in the third quarter. Morgan Stanley now owns 2,416,183 shares of the company’s stock worth $289,556,000 after buying an additional 408,076 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Illinois Tool Works during the third quarter worth $45,901,000. 75.34% of the stock is currently owned by hedge funds and other institutional investors.
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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