Illinois Tool Works Inc. (ITW) Reaches New 1-Year High on Better-Than-Expected Earnings

Illinois Tool Works Inc. (NYSE:ITW) shares hit a new 52-week high during mid-day trading on Monday following a stronger than expected earnings report. The stock traded as high as $156.83 and last traded at $156.74, with a volume of 1,297,347 shares changing hands. The stock had previously closed at $155.03.

The industrial products company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the firm earned $1.50 EPS. The business’s revenue was up 3.4% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio is 50.49%.

Several research firms have commented on ITW. Royal Bank Of Canada reissued a “hold” rating and set a $143.00 price objective on shares of Illinois Tool Works in a report on Friday. Wells Fargo & Company set a $170.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. J P Morgan Chase & Co raised shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $132.00 to $140.00 in a report on Tuesday, October 10th. Citigroup Inc. reissued a “buy” rating and set a $171.00 price objective (up previously from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $147.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $153.87.

In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.90% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ITW. Mosaic Family Wealth LLC lifted its stake in Illinois Tool Works by 2.4% in the first quarter. Mosaic Family Wealth LLC now owns 1,390 shares of the industrial products company’s stock worth $184,000 after purchasing an additional 32 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Illinois Tool Works by 27.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,136 shares of the industrial products company’s stock worth $3,065,000 after purchasing an additional 5,027 shares during the last quarter. Caldwell & Orkin Inc. lifted its stake in Illinois Tool Works by 3.5% in the first quarter. Caldwell & Orkin Inc. now owns 14,900 shares of the industrial products company’s stock worth $1,974,000 after purchasing an additional 500 shares during the last quarter. Toronto Dominion Bank lifted its stake in Illinois Tool Works by 43.5% in the first quarter. Toronto Dominion Bank now owns 94,131 shares of the industrial products company’s stock worth $12,472,000 after purchasing an additional 28,513 shares during the last quarter. Finally, Warren Averett Asset Management LLC bought a new stake in Illinois Tool Works in the first quarter worth about $765,000. 74.76% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $54.00 billion, a price-to-earnings ratio of 25.39 and a beta of 1.12. The stock has a 50 day moving average of $147.56 and a 200 day moving average of $142.11.

COPYRIGHT VIOLATION NOTICE: This piece of content was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this piece of content can be viewed at https://ledgergazette.com/2017/10/23/illinois-tool-works-inc-itw-reaches-new-1-year-high-on-better-than-expected-earnings.html.

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-re

The industrial products company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.65 by $0.20. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The business had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the prior year, the firm earned $1.50 EPS. The business’s revenue was up 3.4% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Thursday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio is 50.49%.

Several research firms have commented on ITW. Royal Bank Of Canada reissued a “hold” rating and set a $143.00 price objective on shares of Illinois Tool Works in a report on Friday. Wells Fargo & Company set a $170.00 price objective on shares of Illinois Tool Works and gave the company a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. J P Morgan Chase & Co raised shares of Illinois Tool Works from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $132.00 to $140.00 in a report on Tuesday, October 10th. Citigroup Inc. reissued a “buy” rating and set a $171.00 price objective (up previously from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $147.00 price objective (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $153.87.

In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $150.00, for a total value of $979,950.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.90% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ITW. Mosaic Family Wealth LLC lifted its stake in Illinois Tool Works by 2.4% in the first quarter. Mosaic Family Wealth LLC now owns 1,390 shares of the industrial products company’s stock worth $184,000 after purchasing an additional 32 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Illinois Tool Works by 27.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,136 shares of the industrial products company’s stock worth $3,065,000 after purchasing an additional 5,027 shares during the last quarter. Caldwell & Orkin Inc. lifted its stake in Illinois Tool Works by 3.5% in the first quarter. Caldwell & Orkin Inc. now owns 14,900 shares of the industrial products company’s stock worth $1,974,000 after purchasing an additional 500 shares during the last quarter. Toronto Dominion Bank lifted its stake in Illinois Tool Works by 43.5% in the first quarter. Toronto Dominion Bank now owns 94,131 shares of the industrial products company’s stock worth $12,472,000 after purchasing an additional 28,513 shares during the last quarter. Finally, Warren Averett Asset Management LLC bought a new stake in Illinois Tool Works in the first quarter worth about $765,000. 74.76% of the stock is owned by institutional investors and hedge funds.

The stock has a market capitalization of $54.00 billion, a price-to-earnings ratio of 25.39 and a beta of 1.12. The stock has a 50 day moving average of $147.56 and a 200 day moving average of $142.11.

COPYRIGHT VIOLATION NOTICE: This piece of content was first published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this piece of content can be viewed at https://ledgergazette.com/2017/10/23/illinois-tool-works-inc-itw-reaches-new-1-year-high-on-better-than-expected-earnings.html.

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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