Illinois Tool Works Inc. (NYSE:ITW) released its earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03, Bloomberg Earnings reports. The company had revenue of $3.60 billion for 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%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.46 EPS. Illinois Tool Works updated its Q3 guidance to $1.57-1.67 EPS and its FY17 guidance to $6.32-6.52 EPS.
Shares of Illinois Tool Works (NYSE:ITW) traded down 0.38% during midday trading on Friday, reaching $135.67. The company had a trading volume of 1,123,747 shares. The stock has a market capitalization of $46.69 billion, a price-to-earnings ratio of 21.95 and a beta of 1.11. Illinois Tool Works has a 1-year low of $111.50 and a 1-year high of $150.29. The firm’s 50 day moving average price is $142.53 and its 200-day moving average price is $137.77.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 2.30%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is presently 42.07%.
A number of equities research analysts have recently commented on ITW shares. Goldman Sachs Group, Inc. (The) upgraded Illinois Tool Works from a “sell” rating to a “buy” rating and lifted their target price for the stock from $131.00 to $155.00 in a research note on Thursday, June 1st. Morgan Stanley reissued an “equal weight” rating and issued a $140.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. BidaskClub lowered Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Deutsche Bank AG reaffirmed a “buy” rating and set a $160.00 target price (up previously from $140.00) on shares of Illinois Tool Works in a report on Saturday, April 29th. Finally, BMO Capital Markets restated a “buy” rating and issued a $160.00 target price on shares of Illinois Tool Works in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $151.08.
In other Illinois Tool Works news, CFO Michael M. Larsen sold 52,447 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the sale, the chief financial officer now owns 67,383 shares in the company, valued at approximately $9,475,397.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 55,878 shares of the company’s stock, valued at approximately $8,046,432. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 100,664 shares of company stock valued at $14,329,625. 0.90% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of ITW. Quadrature Capital Ltd bought a new stake in Illinois Tool Works during the fourth quarter worth about $2,027,000. Perigon Wealth Management LLC raised its position in shares of Illinois Tool Works by 20.3% in the fourth quarter. Perigon Wealth Management LLC now owns 1,481 shares of the industrial products company’s stock valued at $199,000 after buying an additional 250 shares during the last quarter. HighPoint Advisor Group LLC raised its position in shares of Illinois Tool Works by 0.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 8,947 shares of the industrial products company’s stock valued at $1,207,000 after buying an additional 33 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Illinois Tool Works by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 905,590 shares of the industrial products company’s stock valued at $110,899,000 after buying an additional 39,223 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at $2,807,000. Institutional investors and hedge funds own 74.77% of the company’s stock.
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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