ValuEngine upgraded shares of Illinois Tool Works (NYSE:ITW) from a sell rating to a hold rating in a research note published on Tuesday.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Illinois Tool Works from a hold rating to a buy rating and set a $158.00 price target for the company in a report on Wednesday, June 27th. Citigroup set a $166.00 price target on Illinois Tool Works and gave the stock a buy rating in a report on Tuesday, July 24th. Wells Fargo & Co restated a buy rating and issued a $160.00 price target (down from $170.00) on shares of Illinois Tool Works in a report on Tuesday, July 24th. Morgan Stanley started coverage on Illinois Tool Works in a report on Monday, August 20th. They issued an equal weight rating and a $146.00 price target for the company. Finally, Deutsche Bank set a $152.00 price target on Illinois Tool Works and gave the stock a hold rating in a report on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $159.53.
NYSE ITW opened at $141.07 on Tuesday. The stock has a market capitalization of $47.41 billion, a P/E ratio of 19.42, a P/E/G ratio of 1.81 and a beta of 1.24. The company has a quick ratio of 1.35, a current ratio of 1.73 and a debt-to-equity ratio of 1.60. Illinois Tool Works has a 12 month low of $134.45 and a 12 month high of $179.07.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Monday, July 23rd. The industrial products company reported $1.97 EPS for the quarter, meeting analysts’ consensus estimates of $1.97. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.85 billion. Illinois Tool Works had a return on equity of 56.74% and a net margin of 12.70%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.69 earnings per share. equities research analysts predict that Illinois Tool Works will post 7.64 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Friday, September 28th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, September 27th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.78. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.84%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 47.34%.
Illinois Tool Works declared that its board has initiated a share buyback program on Friday, August 3rd that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the industrial products company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.
In other news, Director Richard H. Lenny acquired 1,778 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The stock was acquired at an average cost of $140.85 per share, for a total transaction of $250,431.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.90% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of Illinois Tool Works by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 3,972,642 shares of the industrial products company’s stock worth $550,369,000 after buying an additional 44,036 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Illinois Tool Works by 68.0% during the second quarter. Schroder Investment Management Group now owns 871,859 shares of the industrial products company’s stock worth $120,803,000 after buying an additional 352,757 shares in the last quarter. Mainstay Capital Management LLC ADV grew its holdings in shares of Illinois Tool Works by 13,754.1% during the second quarter. Mainstay Capital Management LLC ADV now owns 123,024 shares of the industrial products company’s stock worth $888,000 after buying an additional 122,136 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Illinois Tool Works by 10.8% during the second quarter. Public Employees Retirement System of Ohio now owns 225,535 shares of the industrial products company’s stock worth $31,246,000 after buying an additional 21,920 shares in the last quarter. Finally, Sky Investment Group LLC grew its holdings in shares of Illinois Tool Works by 0.9% during the second quarter. Sky Investment Group LLC now owns 45,259 shares of the industrial products company’s stock worth $6,270,000 after buying an additional 385 shares in the last quarter. Institutional investors and hedge funds own 76.11% 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.
Further Reading: Leveraged Buyout (LBO)
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