Illinois Tool Works (ITW) is Downgraded by Robert W. Baird to Neutral, Price Target at $108

Illinois Tool Works (ITW) was Downgraded by Robert W. Baird to ” Neutral” and the brokerage firm has set the Price Target at $108. Earlier the firm had a rating of “Outperform ” on the company shares. Robert W. Baird advised their investors in a research report released on Jun 23, 2016.

On the company’s financial health, Illinois Tool Works reported $1.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $1.26. The company had revenue of $3274.00 million for the quarter, compared to analysts expectations of $3252.42 million. The company’s revenue was down -2.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.21 EPS.

Illinois Tool Works closed down -0.66 points or -0.62% at $106.07 with 11,80,207 shares getting traded on Tuesday. Post opening the session at $106.64, the shares hit an intraday low of $105.97 and an intraday high of $106.74 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

Investors should note that on May 6, 2016, Illinois Tool Works announced a cash dividend of $0.5500. The company’s management has announced Jun 28, 2016 as the ex-dividend date and fixed the record date on Jun 30, 2016. The payable date has been fixed on Jul 8, 2016.

In a different news, on May 18, 2016, David C Parry (Vice Chairman) sold 10,000 shares at $104.35 per share price. According to the SEC, on May 13, 2016, Lei Zhang Schlitz (Executive Vice President) sold 2,500 shares at $104.93 per share price. On May 13, 2016, Christopher A O’herlihy (Vice Chairman) sold 22,941 shares at $105.42 per share price, according to the Form-4 filing with the securities and exchange commission.

Illinois Tool Works Inc. (ITW) is a manufacturer of a range of industrial products and equipment. The Company’s operates in seven segments: Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products and Specialty Products. These operations serve end markets as automotive original equipment manufacturers/tiers automotive aftermarket general industrial commercial food equipment and construction. It produces components and fasteners for automotive-related applications; equipment consumables and related software; commercial food equipment adhesives sealants lubrication and cutting fluids; arc welding equipment consumables and accessories; construction fastening systems and truss products and beverage packaging equipment and consumables. The Company operates approximately 90 divisions in 57 countries.

Illinois Tool Works

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