Illinois Tool Works Inc. (NYSE:ITW) released its quarterly earnings data on Monday. The industrial products company reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.09. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.40 billion. Illinois Tool Works had a return on equity of 41.90% and a net margin of 14.96%. The company’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 earnings per share. Illinois Tool Works updated its Q2 guidance to $1.55-1.65 EPS and its FY17 guidance to $6.20-6.40 EPS.
Illinois Tool Works (NYSE:ITW) opened at 138.78 on Wednesday. Illinois Tool Works has a 12 month low of $98.32 and a 12 month high of $142.82. The stock has a market cap of $47.94 billion, a PE ratio of 23.31 and a beta of 1.01. The stock’s 50 day moving average price is $135.86 and its 200-day moving average price is $129.68.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 12th. Stockholders of record on Friday, June 30th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.87%. Illinois Tool Works’s dividend payout ratio is presently 45.61%.
In related news, insider Michael R. Zimmerman sold 5,000 shares of the company’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $140.00, for a total value of $700,000.00. Following the transaction, the insider now directly owns 7,626 shares of the company’s stock, valued at approximately $1,067,640. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ernest Scott Santi sold 101,297 shares of the company’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $138.03, for a total value of $13,982,024.91. Following the completion of the transaction, the chief executive officer now directly owns 191,142 shares in the company, valued at $26,383,330.26. The disclosure for this sale can be found here. Over the last three months, insiders sold 124,740 shares of company stock worth $17,223,303. 0.80% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of Illinois Tool Works by 95.3% in the third quarter. Acadian Asset Management LLC now owns 10,426 shares of the industrial products company’s stock valued at $1,250,000 after buying an additional 5,088 shares in the last quarter. Parkwood LLC bought a new stake in shares of Illinois Tool Works during the third quarter valued at $278,000. Berkshire Asset Management LLC PA increased its stake in shares of Illinois Tool Works by 4.6% in the third quarter. Berkshire Asset Management LLC PA now owns 11,215 shares of the industrial products company’s stock valued at $1,344,000 after buying an additional 493 shares in the last quarter. Albert D Mason Inc. increased its stake in shares of Illinois Tool Works by 78.0% in the third quarter. Albert D Mason Inc. now owns 11,910 shares of the industrial products company’s stock valued at $1,427,000 after buying an additional 5,220 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in shares of Illinois Tool Works by 3.1% in the third quarter. Quadrant Capital Group LLC now owns 1,552 shares of the industrial products company’s stock valued at $179,000 after buying an additional 47 shares in the last quarter. 74.80% of the stock is currently owned by institutional investors.
ITW has been the subject of several recent research reports. Stifel Nicolaus downgraded Illinois Tool Works from a “buy” rating to a “hold” rating and upped their price target for the stock from $135.00 to $140.00 in a report on Monday, March 27th. Jefferies Group LLC reiterated a “buy” rating and set a $145.00 price target on shares of Illinois Tool Works in a report on Friday, March 17th. Royal Bank of Canada reiterated a “hold” rating and set a $125.00 price target on shares of Illinois Tool Works in a report on Friday, March 24th. Credit Suisse Group AG set a $135.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a report on Wednesday, April 12th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $160.00 price target (up previously from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $144.50.
About Illinois Tool Works
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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