Bank of America lowered shares of Illinois Tool Works (NYSE:ITW) from a neutral rating to an underperform rating in a research note released on Tuesday, February 5th, MarketBeat Ratings reports. They currently have $124.00 target price on the industrial products company’s stock, down from their previous target price of $128.00.
ITW has been the subject of several other research reports. Morgan Stanley lowered shares of Illinois Tool Works from an equal weight rating to an underweight rating and lowered their price objective for the company from $131.00 to $115.00 in a research note on Tuesday, December 18th. Seaport Global Securities lowered shares of Illinois Tool Works from a buy rating to a neutral rating and reduced their target price for the stock from $170.00 to $132.00 in a research note on Thursday, October 25th. ValuEngine lowered shares of Illinois Tool Works from a hold rating to a sell rating in a research note on Thursday, October 11th. Credit Suisse Group reiterated a hold rating and issued a $131.00 target price on shares of Illinois Tool Works in a research note on Friday, December 7th. Finally, Wells Fargo & Co set a $145.00 target price on shares of Illinois Tool Works and gave the stock a buy rating in a research note on Thursday, October 25th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has given a buy rating to the stock. Illinois Tool Works presently has an average rating of Hold and a consensus target price of $136.60.
Shares of NYSE ITW traded up $0.33 during midday trading on Tuesday, reaching $144.41. The stock had a trading volume of 1,463,300 shares, compared to its average volume of 1,556,234. The company has a market capitalization of $47.52 billion, a P/E ratio of 19.00, a price-to-earnings-growth ratio of 2.36 and a beta of 1.19. Illinois Tool Works has a twelve month low of $117.75 and a twelve month high of $171.83. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.26 and a current ratio of 1.63.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, February 1st. The industrial products company reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.82 by $0.01. The firm had revenue of $3.58 billion for the quarter, compared to the consensus estimate of $3.61 billion. Illinois Tool Works had a net margin of 17.35% and a return on equity of 69.48%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.70 EPS. Analysts forecast that Illinois Tool Works will post 7.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Investors of record on Friday, March 29th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Thursday, March 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 52.63%.
In related news, EVP John R. Hartnett sold 14,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $137.00, for a total value of $1,986,500.00. Following the transaction, the executive vice president now directly owns 29,448 shares in the company, valued at $4,034,376. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Sundaram Nagarajan sold 18,651 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $137.75, for a total transaction of $2,569,175.25. Following the completion of the transaction, the insider now owns 44,954 shares in the company, valued at $6,192,413.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,037 shares of company stock worth $34,307,729. 0.82% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Kaizen Advisory LLC boosted its stake in shares of Illinois Tool Works by 9.5% during the fourth quarter. Kaizen Advisory LLC now owns 819 shares of the industrial products company’s stock valued at $104,000 after purchasing an additional 71 shares during the period. National Asset Management Inc. lifted its position in Illinois Tool Works by 3.5% during the fourth quarter. National Asset Management Inc. now owns 2,284 shares of the industrial products company’s stock valued at $290,000 after buying an additional 77 shares during the period. Indiana Trust & Investment Management CO lifted its position in Illinois Tool Works by 3.4% during the fourth quarter. Indiana Trust & Investment Management CO now owns 2,421 shares of the industrial products company’s stock valued at $307,000 after buying an additional 80 shares during the period. Valley National Advisers Inc. lifted its position in Illinois Tool Works by 9.3% during the fourth quarter. Valley National Advisers Inc. now owns 956 shares of the industrial products company’s stock valued at $121,000 after buying an additional 81 shares during the period. Finally, Frontier Investment Mgmt Co. lifted its position in Illinois Tool Works by 1.2% during the fourth quarter. Frontier Investment Mgmt Co. now owns 7,898 shares of the industrial products company’s stock valued at $1,001,000 after buying an additional 93 shares during the period. Institutional investors own 77.13% of the company’s stock.
Illinois Tool Works Company Profile
Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.
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