Jefferies Group LLC Reaffirms Buy Rating for Illinois Tool Works Inc. (ITW)
Jefferies Group LLC reiterated their buy rating on shares of Illinois Tool Works Inc. (NYSE:ITW) in a research report released on Tuesday morning. They currently have a $170.00 price objective on the industrial products company’s stock, up from their prior price objective of $155.00. Jefferies Group also issued estimates for Illinois Tool Works’ FY2017 earnings at $6.50 EPS, FY2018 earnings at $7.10 EPS and FY2019 earnings at $7.70 EPS.
Several other research analysts also recently commented on the stock. Royal Bank Of Canada raised their price target on shares of Illinois Tool Works from $141.00 to $143.00 and gave the company a sector perform rating in a report on Tuesday. BMO Capital Markets reissued a buy rating and issued a $160.00 price target on shares of Illinois Tool Works in a report on Thursday, July 20th. Stifel Nicolaus reissued a hold rating and issued a $147.00 price target on shares of Illinois Tool Works in a report on Friday, July 14th. Zacks Investment Research raised shares of Illinois Tool Works from a hold rating to a buy rating and set a $163.00 price target for the company in a report on Wednesday, July 12th. Finally, Morgan Stanley reissued an equal weight rating and issued a $140.00 price target (up from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Illinois Tool Works currently has an average rating of Buy and a consensus target price of $153.08.
Shares of Illinois Tool Works (NYSE ITW) traded up 0.01% on Tuesday, reaching $140.83. 1,305,909 shares of the company’s stock traded hands. Illinois Tool Works has a one year low of $111.50 and a one year high of $150.29. The firm has a market cap of $48.54 billion, a P/E ratio of 22.79 and a beta of 1.12. The company’s 50-day moving average price is $145.23 and its 200 day moving average price is $136.28.
Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.03. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same period last year, the firm earned $1.46 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works will post $6.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Friday, June 30th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Wednesday, June 28th. Illinois Tool Works’s payout ratio is presently 42.07%.
In related news, insider John R. Hartnett sold 11,750 shares of Illinois Tool Works stock in a transaction on Friday, June 9th. The shares were sold at an average price of $144.96, for a total value of $1,703,280.00. Following the transaction, the insider now owns 23,839 shares in the company, valued at approximately $3,455,701.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ernest Scott Santi sold 101,297 shares of Illinois Tool Works stock in a transaction on Friday, May 12th. The stock was sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the completion of the transaction, the chief executive officer now owns 191,142 shares in the company, valued at approximately $26,383,330.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 201,961 shares of company stock worth $28,311,650. 0.90% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. FCM Investments TX acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $106,000. MCF Advisors LLC boosted its position in shares of Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock worth $109,000 after buying an additional 200 shares during the last quarter. TrimTabs Asset Management LLC boosted its position in shares of Illinois Tool Works by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 887 shares of the industrial products company’s stock worth $118,000 after buying an additional 416 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $132,000. Finally, Hudock Capital Group LLC boosted its position in shares of Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock worth $139,000 after buying an additional 6 shares during the last quarter. Institutional investors own 75.51% 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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