Key Points
- Director Ernest Scott Santi sold 60,000 ITW shares for about $17.57 million at an average price of $292.87, reducing his holdings by 18.39% to 266,333 shares.
- ITW reported quarterly EPS of $3.00, beating the $2.97 estimate, while revenue of $4.24 billion fell short of forecasts but rose 4.5% year over year.
- The company declared a quarterly dividend of $1.72 per share, equivalent to a 2.4% annual yield; analysts’ consensus rating was “Reduce,” with a $276.33 average price target.
Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) Director Ernest Santi sold 60,000 shares of the company's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the transaction, the director owned 266,333 shares of the company's stock, valued at $78,000,945.71. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Ernest Scott Santi also recently made the following trade(s):
- On Wednesday, August 19th, Ernest Santi sold 41,431 shares of Illinois Tool Works stock. The stock was sold at an average price of $287.09, for a total value of $11,894,425.79.
Illinois Tool Works Stock Performance
NYSE ITW opened at $280.93 on Friday. The company has a current ratio of 1.29, a quick ratio of 0.94 and a debt-to-equity ratio of 2.28. The business's 50-day moving average price is $271.85 and its 200 day moving average price is $271.40. The company has a market capitalization of $79.84 billion, a PE ratio of 25.85, a price-to-earnings-growth ratio of 3.18 and a beta of 0.92. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15.
Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.03. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. During the same period in the previous year, the business earned $2.81 EPS. The company's revenue was up 4.5% on a year-over-year basis. On average, research analysts predict that Illinois Tool Works Inc. will post 11.49 earnings per share for the current year.
Illinois Tool Works Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a dividend of $1.72 per share. The ex-dividend date is Thursday, December 31st. This represents a $6.88 dividend on an annualized basis and a yield of 2.4%. Illinois Tool Works's payout ratio is currently 61.32%.
Institutional Trading of Illinois Tool Works
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Illinois Tool Works in the second quarter worth $6,296,349,000. State Street Corp raised its position in Illinois Tool Works by 1.0% in the second quarter. State Street Corp now owns 12,788,570 shares of the industrial products company's stock worth $3,479,219,000 after acquiring an additional 128,089 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Illinois Tool Works by 0.7% in the third quarter. Fisher Asset Management LLC now owns 3,858,313 shares of the industrial products company's stock worth $992,667,000 after buying an additional 28,515 shares during the period. Bank of America Corp DE increased its stake in shares of Illinois Tool Works by 2.5% during the first quarter. Bank of America Corp DE now owns 3,005,659 shares of the industrial products company's stock valued at $782,343,000 after acquiring an additional 72,951 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Illinois Tool Works in the 2nd quarter worth approximately $603,166,000. 79.77% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
ITW has been the subject of a number of research analyst reports. Citigroup reduced their price target on shares of Illinois Tool Works from $317.00 to $310.00 and set a "neutral" rating for the company in a research note on Wednesday, October 28th. JPMorgan Chase & Co. downgraded shares of Illinois Tool Works from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $350.00 to $270.00 in a research report on Friday, October 9th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Illinois Tool Works from $287.00 to $281.00 and set a "hold" rating on the stock in a report on Wednesday, September 30th. Weiss Ratings raised Illinois Tool Works from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 28th. Finally, UBS Group set a $277.00 price target on shares of Illinois Tool Works in a research note on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $276.33.
Check Out Our Latest Analysis on ITW
About Illinois Tool Works
(
Get Free Report)
Illinois Tool Works Inc (NYSE: ITW) is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions.
ITW's businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.
The company serves customers across North America, Europe, Asia, and other international markets through its manufacturing and sales operations.
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