JPMorgan Chase & Co. cut shares of Illinois Tool Works (NYSE:ITW) from a neutral rating to an underweight rating in a research report report published on Thursday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has $120.00 target price on the industrial products company’s stock.
Several other equities analysts have also recently weighed in on ITW. Zacks Investment Research raised shares of Illinois Tool Works from a sell rating to a hold rating in a research note on Monday, September 17th. ValuEngine cut shares of Illinois Tool Works from a hold rating to a sell rating in a research note on Thursday, October 11th. Gordon Haskett started coverage on shares of Illinois Tool Works in a research note on Friday, October 12th. They issued a hold rating for the company. Wells Fargo & Co reissued a buy rating and set a $150.00 target price (down previously from $160.00) on shares of Illinois Tool Works in a report on Wednesday, October 17th. Finally, Seaport Global Securities downgraded Illinois Tool Works from a buy rating to a neutral rating and dropped their price target for the company from $170.00 to $132.00 in a research note on Thursday, October 25th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $143.94.
NYSE:ITW opened at $130.31 on Thursday. Illinois Tool Works has a 1-year low of $117.75 and a 1-year high of $179.07. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.62 and a quick ratio of 1.26. The firm has a market capitalization of $43.13 billion, a P/E ratio of 19.77, a PEG ratio of 1.62 and a beta of 1.22.
Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business earned $1.71 earnings per share. The firm’s revenue was down .1% on a year-over-year basis. As a group, sell-side analysts anticipate that Illinois Tool Works will post 7.6 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 10th. Stockholders of record on Monday, December 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 60.70%.
In other Illinois Tool Works news, CEO Ernest Scott Santi sold 108,885 shares of the business’s stock in a transaction that occurred on Wednesday, December 12th. The stock was sold at an average price of $133.19, for a total value of $14,502,393.15. Following the transaction, the chief executive officer now directly owns 149,777 shares of the company’s stock, valued at $19,948,798.63. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michael M. Larsen sold 58,736 shares of the stock in a transaction on Tuesday, December 11th. The shares were sold at an average price of $132.91, for a total value of $7,806,601.76. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in Illinois Tool Works by 25.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock worth $975,518,000 after purchasing an additional 1,401,794 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Illinois Tool Works by 20.9% during the third quarter. Bank of New York Mellon Corp now owns 4,803,640 shares of the industrial products company’s stock valued at $677,888,000 after purchasing an additional 830,998 shares in the last quarter. BlackRock Inc. boosted its position in shares of Illinois Tool Works by 2.5% during the third quarter. BlackRock Inc. now owns 21,290,319 shares of the industrial products company’s stock valued at $3,004,489,000 after purchasing an additional 528,550 shares in the last quarter. Bristol John W & Co. Inc. NY purchased a new position in Illinois Tool Works during the third quarter valued at $55,822,000. Finally, Schroder Investment Management Group raised its stake in 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 valued at $120,803,000 after buying an additional 352,757 shares during the last quarter. Institutional investors own 76.41% of the company’s stock.
About Illinois Tool Works
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.
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