Illinois Tool Works Inc. (ITW) Downgraded to “Strong Sell” at BidaskClub
BidaskClub downgraded shares of Illinois Tool Works Inc. (NYSE:ITW) from a sell rating to a strong sell rating in a report published on Saturday morning.
Several other research firms have also recently issued reports on ITW. BMO Capital Markets reiterated a buy rating and issued a $160.00 price objective on shares of Illinois Tool Works in a research report on Thursday, July 20th. Morgan Stanley reiterated an equal weight rating and issued a $140.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a research report on Monday, July 10th. Zacks Investment Research upgraded Illinois Tool Works from a hold rating to a buy rating and set a $163.00 price objective for the company in a research report on Wednesday, July 12th. Stifel Nicolaus reiterated a hold rating and issued a $147.00 price objective on shares of Illinois Tool Works in a research report on Friday, July 14th. Finally, Royal Bank Of Canada increased their price objective on Illinois Tool Works from $141.00 to $143.00 and gave the stock a sector perform rating in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $150.64.
Illinois Tool Works (NYSE ITW) traded up 0.69% during trading on Friday, hitting $136.81. 621,712 shares of the company’s stock were exchanged. The firm has a market cap of $47.08 billion, a price-to-earnings ratio of 22.14 and a beta of 1.11. The company’s 50-day moving average price is $141.50 and its 200 day moving average price is $138.11. Illinois Tool Works has a 12-month low of $111.50 and a 12-month high of $150.29.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. Illinois Tool Works’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 earnings per share. Equities analysts forecast that Illinois Tool Works will post $6.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a $0.78 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. This represents a $3.12 annualized dividend and a yield of 2.28%. Illinois Tool Works’s dividend payout ratio is 42.07%.
In other Illinois Tool Works news, insider John R. Hartnett sold 11,750 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the sale, the insider now owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the sale, the insider now directly owns 55,878 shares in the company, valued at approximately $8,046,432. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Elkhorn Investments LLC acquired a new stake in shares of Illinois Tool Works during the first quarter worth about $1,284,000. Cutter & CO Brokerage Inc. raised its position in Illinois Tool Works by 10.3% in the first quarter. Cutter & CO Brokerage Inc. now owns 9,340 shares of the industrial products company’s stock worth $1,237,000 after buying an additional 874 shares in the last quarter. Beacon Trust Co. raised its position in Illinois Tool Works by 0.5% in the first quarter. Beacon Trust Co. now owns 76,593 shares of the industrial products company’s stock worth $10,111,000 after buying an additional 360 shares in the last quarter. AXA raised its position in Illinois Tool Works by 22.5% in the first quarter. AXA now owns 307,848 shares of the industrial products company’s stock worth $40,780,000 after buying an additional 56,538 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in Illinois Tool Works during the first quarter worth about $6,750,000. 74.77% of the stock is currently owned by institutional investors.
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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