Traders Buy Shares of Illinois Tool Works Inc. (NYSE:ITW) on Weakness

Investors bought shares of Illinois Tool Works Inc. (NYSE:ITW) on weakness during trading hours on Tuesday. $67.64 million flowed into the stock on the tick-up and $49.73 million flowed out of the stock on the tick-down, for a money net flow of $17.91 million into the stock. Of all companies tracked, Illinois Tool Works had the 31st highest net in-flow for the day. Illinois Tool Works traded down ($0.80) for the day and closed at $139.91

Several research firms have recently weighed in on ITW. BMO Capital Markets reissued a “buy” rating and issued a $160.00 price objective on shares of Illinois Tool Works in a report on Thursday, July 20th. Morgan Stanley restated an “equal weight” rating and set a $140.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $163.00 price target for the company in a research note on Wednesday, July 12th. BidaskClub cut Illinois Tool Works from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $147.00 price objective on shares of Illinois Tool Works in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $151.08.

The company has a market cap of $46.69 billion, a price-to-earnings ratio of 21.95 and a beta of 1.11. The company’s 50 day moving average is $142.53 and its 200 day moving average is $137.77.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.63 by $0.03. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post $6.46 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be paid a $0.78 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Thursday, September 28th. Illinois Tool Works’s dividend payout ratio is currently 42.07%.

In other news, CFO Michael M. Larsen sold 52,447 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $140.62, for a total value of $7,375,097.14. Following the sale, the chief financial officer now directly owns 67,383 shares in the company, valued at approximately $9,475,397.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John R. Hartnett sold 11,750 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the sale, the insider now owns 23,839 shares in the company, valued at $3,455,701.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,664 shares of company stock worth $14,329,625. Corporate insiders own 0.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Omnia Family Wealth LLC raised its position in shares of Illinois Tool Works by 0.3% in the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock worth $107,000 after buying an additional 2 shares during the last quarter. FCM Investments TX purchased a new position in shares of Illinois Tool Works during the first quarter worth approximately $106,000. Harding Loevner LP purchased a new position in shares of Illinois Tool Works during the second quarter worth approximately $115,000. WFG Advisors LP raised its position in shares of Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock worth $116,000 after buying an additional 161 shares during the last quarter. Finally, MCF Advisors LLC raised its position in shares of Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock worth $109,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

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Illinois Tool Works Company Profile

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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