Illinois Tool Works Inc. (ITW) Downgraded by J P Morgan Chase & Co
J P Morgan Chase & Co cut shares of Illinois Tool Works Inc. (NYSE:ITW) from a neutral rating to an underweight rating in a research note published on Thursday morning, MarketBeat Ratings reports. J P Morgan Chase & Co currently has $132.00 price objective on the industrial products company’s stock, down from their previous price objective of $141.00.
A number of other research firms have also issued reports on ITW. BMO Capital Markets reiterated a buy rating and issued a $160.00 target price on shares of Illinois Tool Works in a research note on Thursday, July 20th. Morgan Stanley reiterated an equal weight rating and issued a $140.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Zacks Investment Research upgraded Illinois Tool Works from a hold rating to a buy rating and set a $163.00 target price for the company in a research note on Wednesday, July 12th. BidaskClub lowered Illinois Tool Works from a strong-buy rating to a buy rating in a research note on Saturday, June 24th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $147.00 target price on shares of Illinois Tool Works in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Illinois Tool Works has an average rating of Hold and an average target price of $151.08.
Illinois Tool Works (ITW) opened at 135.67 on Thursday. The stock has a 50 day moving average price of $142.53 and a 200 day moving average price of $137.77. The stock has a market cap of $46.69 billion, a PE ratio of 21.95 and a beta of 1.11. Illinois Tool Works has a 52 week low of $111.50 and a 52 week high of $150.29.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works will post $6.46 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is 42.07%.
In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the completion of the sale, the insider now owns 55,878 shares in the company, valued at approximately $8,046,432. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John R. Hartnett sold 11,750 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $144.96, for a total value of $1,703,280.00. Following the sale, the insider now owns 23,839 shares of the company’s stock, valued at approximately $3,455,701.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 100,664 shares of company stock valued at $14,329,625. 0.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WFG Advisors LP increased its position in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after buying an additional 161 shares in the last quarter. Toronto Dominion Bank increased its position in Illinois Tool Works by 22.5% in the second quarter. Toronto Dominion Bank now owns 115,351 shares of the industrial products company’s stock worth $16,524,000 after buying an additional 21,220 shares in the last quarter. Archford Capital Strategies LLC increased its position in Illinois Tool Works by 745.1% in the second quarter. Archford Capital Strategies LLC now owns 7,817 shares of the industrial products company’s stock worth $212,000 after buying an additional 6,892 shares in the last quarter. Cetera Investment Advisers purchased a new position in Illinois Tool Works during the second quarter worth approximately $601,000. Finally, Advisory Services Network LLC increased its position in Illinois Tool Works by 23.6% in the second quarter. Advisory Services Network LLC now owns 5,796 shares of the industrial products company’s stock worth $830,000 after buying an additional 1,105 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors.
Illinois Tool Works Company Profile
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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