Illinois Tool Works (NYSE:ITW) Reaches New 1-Year Low After Analyst Downgrade
Shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) reached a new 52-week low during mid-day trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $229.00 to $189.00. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Illinois Tool Works traded as low as $173.67 and last traded at $174.01, with a volume of 9776 shares trading hands. The stock had previously closed at $178.30.
A number of other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday. Morgan Stanley cut their price target on shares of Illinois Tool Works from $187.00 to $182.00 and set an “underweight” rating on the stock in a report on Tuesday, May 31st. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $242.00 to $202.00 and set a “hold” rating on the stock in a research note on Monday, April 18th. UBS Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $243.00 to $185.00 in a research note on Friday, July 8th. Finally, Credit Suisse Group dropped their price objective on shares of Illinois Tool Works from $267.00 to $261.00 in a research note on Wednesday, May 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $213.18.
In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total transaction of $205,340.00. Following the transaction, the executive vice president now owns 7,803 shares in the company, valued at approximately $1,602,268.02. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.78% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in ITW. Ritter Daniher Financial Advisory LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $28,000. Allegheny Financial Group LTD bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $29,000. Amplius Wealth Advisors LLC bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $30,000. Capital Advisory Group Advisory Services LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter worth $31,000. Finally, FSB Premier Wealth Management Inc. bought a new stake in shares of Illinois Tool Works during the 4th quarter worth $32,000. Institutional investors own 79.03% of the company’s stock.
The company has a current ratio of 1.73, a quick ratio of 1.24 and a debt-to-equity ratio of 1.90. The company’s fifty day moving average is $194.55 and its 200-day moving average is $210.72. The firm has a market capitalization of $54.80 billion, a P/E ratio of 20.68, a P/E/G ratio of 1.99 and a beta of 1.09.
Illinois Tool Works (NYSE:ITW – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The industrial products company reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.04. Illinois Tool Works had a net margin of 18.08% and a return on equity of 72.57%. The firm had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the prior year, the firm earned $2.11 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 9.16 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 14th. Shareholders of record on Thursday, June 30th were issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Wednesday, June 29th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.34%.
Illinois Tool Works Company Profile (NYSE:ITW)
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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