BidaskClub Lowers Illinois Tool Works Inc. (ITW) to Hold

BidaskClub lowered shares of Illinois Tool Works Inc. (NYSE:ITW) from a buy rating to a hold rating in a report released on Thursday, July 27th.

Other equities analysts have also issued reports about the stock. Morgan Stanley restated an equal weight rating and issued a $140.00 price objective (up from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. Barclays PLC increased their target price on shares of Illinois Tool Works from $123.00 to $130.00 and gave the stock an equal weight rating in a report on Wednesday, April 19th. Citigroup Inc. increased their target price on shares of Illinois Tool Works from $143.00 to $161.00 and gave the stock a buy rating in a report on Tuesday, April 25th. BMO Capital Markets reiterated a buy rating and issued a $145.00 target price on shares of Illinois Tool Works in a report on Thursday, April 20th. Finally, Zacks Investment Research upgraded shares of Illinois Tool Works from a hold rating to a buy rating and set a $148.00 target price on the stock in a report on Wednesday, March 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $152.67.

Shares of Illinois Tool Works (ITW) opened at 140.03 on Thursday. Illinois Tool Works has a one year low of $111.50 and a one year high of $150.29. The firm has a 50-day moving average price of $142.91 and a 200 day moving average price of $137.74. The firm has a market capitalization of $48.19 billion, a price-to-earnings ratio of 22.66 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. During the same period in the prior year, the business posted $1.46 earnings per share. Illinois Tool Works’s revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that Illinois Tool Works will post $6.46 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Thursday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is 42.07%.

In other news, insider John R. Hartnett sold 11,750 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 23,839 shares in the company, valued at approximately $3,455,701.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michael M. Larsen sold 52,447 shares of the firm’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the sale, the chief financial officer now owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The disclosure for this sale can be found here. In the last three months, insiders sold 100,664 shares of company stock valued at $14,329,625. Insiders own 0.90% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in shares of Illinois Tool Works by 3.8% in the second quarter. Public Employees Retirement System of Ohio now owns 210,184 shares of the industrial products company’s stock valued at $30,109,000 after buying an additional 7,675 shares during the period. Koch Industries Inc. boosted its stake in shares of Illinois Tool Works by 31,484.3% in the second quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock valued at $763,000 after buying an additional 765,699 shares during the period. National Asset Management Inc. boosted its stake in shares of Illinois Tool Works by 4.3% in the second quarter. National Asset Management Inc. now owns 1,955 shares of the industrial products company’s stock valued at $280,000 after buying an additional 81 shares during the period. Piedmont Investment Advisors LLC boosted its stake in shares of Illinois Tool Works by 4.1% in the second quarter. Piedmont Investment Advisors LLC now owns 65,135 shares of the industrial products company’s stock valued at $9,331,000 after buying an additional 2,589 shares during the period. Finally, Westwood Holdings Group Inc. boosted its stake in shares of Illinois Tool Works by 224.7% in the second quarter. Westwood Holdings Group Inc. now owns 30,395 shares of the industrial products company’s stock valued at $4,354,000 after buying an additional 21,035 shares during the period. Institutional investors and hedge funds own 74.77% of the company’s stock.

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.

Analyst Recommendations for Illinois Tool Works (NYSE:ITW)

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