Wells Fargo & Co Reiterates $170.00 Price Target for Illinois Tool Works Inc. (ITW)

Wells Fargo & Co set a $170.00 target price on Illinois Tool Works Inc. (NYSE:ITW) in a research note released on Monday morning. The brokerage currently has a buy rating on the industrial products company’s stock. The analysts noted that the move was a valuation call.

ITW has been the subject of a number of other research reports. Zacks Investment Research raised shares of Illinois Tool Works from a hold rating to a buy rating and set a $163.00 price objective for the company in a research note on Wednesday, July 12th. Credit Suisse Group set a $141.00 price objective on shares of Illinois Tool Works and gave the company a hold rating in a research note on Tuesday, July 25th. Citigroup Inc. reaffirmed a buy rating and issued a $171.00 price objective (up previously from $162.00) on shares of Illinois Tool Works in a research note on Monday, October 9th. BidaskClub cut shares of Illinois Tool Works from a strong-buy rating to a buy rating in a research note on Saturday, June 24th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $170.00 price objective (up previously from $155.00) on shares of Illinois Tool Works in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Hold and an average price target of $153.87.

Illinois Tool Works (NYSE:ITW) opened at 153.48 on Monday. Illinois Tool Works has a 1-year low of $111.50 and a 1-year high of $154.39. The stock’s 50 day moving average is $147.06 and its 200 day moving average is $141.94. The company has a market cap of $52.82 billion, a P/E ratio of 24.83 and a beta of 1.12.

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 (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 16.31% and a return on equity of 50.83%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. Equities analysts anticipate that Illinois Tool Works will post $6.46 earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: This story was published by BBNS and is owned by of BBNS. If you are reading this story on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The correct version of this story can be accessed at https://baseballnewssource.com/markets/wells-fargo-co-reiterates-170-00-price-target-for-illinois-tool-works-inc-itw/1719966.html.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were given a dividend of $0.78 per share. The ex-dividend date was Thursday, September 28th. This represents a $3.12 annualized dividend and a yield of 2.03%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio is presently 50.49%.

In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $150.00, for a total transaction of $979,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of ITW. BlackRock Inc. raised its holdings in Illinois Tool Works by 1,661.3% in the 1st quarter. BlackRock Inc. now owns 19,318,196 shares of the industrial products company’s stock worth $2,559,083,000 after purchasing an additional 18,221,359 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Illinois Tool Works by 2,939.8% in the 2nd quarter. Janus Henderson Group PLC now owns 3,752,155 shares of the industrial products company’s stock worth $537,498,000 after purchasing an additional 3,628,722 shares in the last quarter. Koch Industries Inc. raised its holdings in Illinois Tool Works by 31,484.3% in the 2nd quarter. Koch Industries Inc. now owns 768,131 shares of the industrial products company’s stock worth $763,000 after purchasing an additional 765,699 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in Illinois Tool Works by 100.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,409,208 shares of the industrial products company’s stock worth $201,869,000 after purchasing an additional 707,287 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its holdings in Illinois Tool Works by 116.7% in the 2nd quarter. Old Mutual Global Investors UK Ltd. now owns 1,032,408 shares of the industrial products company’s stock worth $147,892,000 after purchasing an additional 555,923 shares in the last quarter. Institutional investors and hedge funds own 74.76% 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)

Receive News & Ratings for Illinois Tool Works Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illinois Tool Works Inc. and related companies with our FREE daily email newsletter.

 


Latest News

Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Clayton Kershaw Gets Chance to Pitch LA into Fall Classic
Aaron Judge and Gary Sanchez Have Break Out Games
Aaron Judge and Gary Sanchez Have Break Out Games
Justin Turner Joining Postseason Legends
Justin Turner Joining Postseason Legends
PED Use Cost Alex Rodriguez Millions and His Reputation
PED Use Cost Alex Rodriguez Millions and His Reputation
Yankees to Send Masahiro Tanaka Against Astros in Game 1
Yankees to Send Masahiro Tanaka Against Astros in Game 1
Red Sox Waste Little Time in Firing John Farrell
Red Sox Waste Little Time in Firing John Farrell


Leave a Reply

 
© 2006-2017 BBNS.