Stock Traders Purchase Large Volume of Put Options on Illinois Tool Works (ITW)
Illinois Tool Works Inc. (NYSE:ITW) was the target of some unusual options trading on Friday. Stock traders acquired 6,139 put options on the stock. This is an increase of 1,644% compared to the average volume of 352 put options.
Several equities analysts recently commented on ITW shares. Citigroup reissued a “buy” rating and set a $162.00 price target on shares of Illinois Tool Works in a research report on Tuesday, September 26th. Argus reissued a “buy” rating and set a $180.00 price target (up from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Wells Fargo & Co set a $170.00 price target on Illinois Tool Works and gave the stock a “buy” rating in a research report on Monday, October 16th. They noted that the move was a valuation call. Jefferies Group reissued a “buy” rating and set a $190.00 price target on shares of Illinois Tool Works in a research report on Wednesday, November 29th. Finally, Bank of America started coverage on Illinois Tool Works in a research report on Monday, December 11th. They set a “buy” rating and a $190.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $166.31.
Illinois Tool Works (NYSE:ITW) opened at $170.52 on Monday. Illinois Tool Works has a 52-week low of $122.25 and a 52-week high of $171.52. The stock has a market capitalization of $58,419.98, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 2.35 and a beta of 1.18. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.41 and a quick ratio of 1.98.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Monday, October 23rd. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.20. Illinois Tool Works had a return on equity of 47.21% and a net margin of 16.12%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the company posted $1.50 EPS. Illinois Tool Works’s quarterly revenue was up 3.4% on a year-over-year basis. equities research analysts anticipate that Illinois Tool Works will post 6.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 10th. Shareholders of record on Friday, December 29th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend was Thursday, December 28th. Illinois Tool Works’s payout ratio is 47.78%.
In other news, insider John R. Hartnett sold 6,533 shares of Illinois Tool Works stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $155.00, for a total value of $1,012,615.00. Following the transaction, the insider now directly owns 18,622 shares of the company’s stock, valued at approximately $2,886,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Norman D. Jr. Finch acquired 4,986 shares of Illinois Tool Works stock in a transaction dated Wednesday, October 25th. The stock was purchased at an average cost of $156.34 per share, for a total transaction of $779,511.24. Following the completion of the purchase, the vice president now directly owns 4,371 shares in the company, valued at $683,362.14. The disclosure for this purchase can be found here. Insiders sold a total of 214,791 shares of company stock worth $34,665,964 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Omnia Family Wealth LLC increased its holdings in shares of Illinois Tool Works by 0.3% in the 2nd quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 2 shares during the last quarter. Private Vista LLC increased its holdings in shares of Illinois Tool Works by 13,697.3% in the 2nd quarter. Private Vista LLC now owns 279,534 shares of the industrial products company’s stock valued at $108,000 after acquiring an additional 277,508 shares during the last quarter. Harding Loevner LP bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at approximately $115,000. WFG Advisors LP increased its holdings in shares of Illinois Tool Works by 24.7% in the 2nd quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock valued at $116,000 after acquiring an additional 161 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Illinois Tool Works by 1.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 900 shares of the industrial products company’s stock valued at $129,000 after acquiring an additional 17 shares during the last quarter. 74.73% of the stock is currently owned by institutional investors.
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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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