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.
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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.
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