Price Action to Note: What’s Next for Illinois Tool Works Inc. After Reaching 52-Week High?

Price Action to Note: What's Next for Illinois Tool Works Inc. After Reaching 52 Week High?

The stock of Illinois Tool Works Inc. (NYSE:ITW) hit a new 52-week high and has $196.51 target or 59.00% above today’s $123.59 share price. The 5 months bullish chart indicates low risk for the $44.13 billion company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $196.51 price target is reached, the company will be worth $26.04 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.09M shares traded hands. Illinois Tool Works Inc. (NYSE:ITW) has risen 19.56% since April 11, 2016 and is uptrending. It has outperformed by 13.41% the S&P500.

Illinois Tool Works Inc. (NYSE:ITW) Ratings Coverage

Out of 10 analysts covering Illinois Tool Works Inc (NYSE:ITW), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. Illinois Tool Works Inc has been the topic of 23 analyst reports since July 24, 2015 according to StockzIntelligence Inc. As per Monday, January 11, the company rating was initiated by Barclays Capital. The stock of Illinois Tool Works Inc. (NYSE:ITW) earned “Sector Perform” rating by RBC Capital Markets on Thursday, July 21. As per Thursday, April 21, the company rating was maintained by Morgan Stanley. As per Thursday, April 21, the company rating was maintained by Robert W. Baird. The rating was upgraded by Zacks to “Hold” on Friday, August 28. The stock has “Hold” rating given by Zacks on Monday, September 7. Citigroup initiated the stock with “Buy” rating in Thursday, January 21 report. On Thursday, June 23 the stock rating was downgraded by Robert W. Baird to “Neutral”. Seaport Global maintained the shares of ITW in a report on Thursday, April 21 with “Buy” rating. On Thursday, April 21 the stock rating was maintained by Argus Research with “Buy”.

According to Zacks Investment Research, “Illinois Tool Works, Inc. manufactures and markets a variety of products and systems that provide specific, problem-solving solutions for a diverse customer base worldwide. The company’s business units are divided into six segments: Engineered Products-North America; Engineered Products-International; Specialty Systems-North America; Specialty Systems-International; Consumer Products; and Leasing and Investments.”

Insitutional Activity: The institutional sentiment decreased to 0.86 in 2016 Q2. Its down 0.05, from 0.91 in 2016Q1. The ratio worsened, as 46 funds sold all Illinois Tool Works Inc. shares owned while 350 reduced positions. 62 funds bought stakes while 277 increased positions. They now own 262.38 million shares or 4.28% less from 274.12 million shares in 2016Q1.
Fifth Third Bank accumulated 419,994 shares or 0.37% of the stock. Bp Pcl accumulated 66,000 shares or 0.27% of the stock. Moreover, Savings Bank Of Montreal Can has 0.12% invested in Illinois Tool Works Inc. (NYSE:ITW) for 1.02 million shares. Amica Pension Fund Board Of Trustees owns 22,793 shares or 0.31% of their US portfolio. Mizuho Trust And last reported 535,509 shares in the company. The New York-based Metropolitan Life Insurance Ny has invested 0.14% in Illinois Tool Works Inc. (NYSE:ITW). Zacks Investment Mngmt has invested 0.1% of its portfolio in Illinois Tool Works Inc. (NYSE:ITW). Private Asset Incorporated has 0.04% invested in the company for 2,391 shares. Thompson Invest Mgmt Inc, a Wisconsin-based fund reported 40,683 shares. Evercore Wealth Limited Company accumulated 43,871 shares or 0.2% of the stock. Gofen & Glossberg Ltd Company Il has 0.12% invested in the company for 27,051 shares. Element Cap Mngmt Limited Liability Com has invested 0.11% of its portfolio in Illinois Tool Works Inc. (NYSE:ITW). Geneva Advsrs Ltd Com holds 52,657 shares or 0.11% of its portfolio. Piedmont Invest Advsrs Limited Liability Corp holds 67,827 shares or 0% of its portfolio. Payden And Rygel holds 0% or 400 shares in its portfolio.

Insider Transactions: Since June 23, 2016, the stock had 1 insider buy, and 8 insider sales for $19.91 million net activity. SCHEUNEMAN RANDALL J also sold $1.79M worth of Illinois Tool Works Inc. (NYSE:ITW) shares. NAGARAJAN SUNDARAM also sold $501,600 worth of Illinois Tool Works Inc. (NYSE:ITW) shares. $4.74M worth of shares were sold by Parry David C on Thursday, August 11. VALLS JUAN also sold $1.87 million worth of Illinois Tool Works Inc. (NYSE:ITW) shares. $447,760 worth of shares were bought by Henderson Jay L on Tuesday, October 25. Larsen Michael M sold 14,000 shares worth $1.60M. Hartnett John R. had sold 7,500 shares worth $855,600.

More notable recent Illinois Tool Works Inc. (NYSE:ITW) news were published by: Foxbusiness.com which released: “Correction: Earns-Illinois Tool Works story” on October 21, 2016, also Forbes.com with their article: “June 2017 Options Now Available For Illinois Tool Works (ITW)” published on October 24, 2016, Forbes.com published: “Illinois Tool Works Reaches Analyst Target Price” on October 13, 2016. More interesting news about Illinois Tool Works Inc. (NYSE:ITW) were released by: Fool.com and their article: “Better Buy: Caterpillar Inc. vs. Illinois Tool Works” published on October 05, 2016 as well as Seekingalpha.com‘s news article titled: “Illinois Tool Works: As Shares Sell Off After Earnings, An Insider Buys Big” with publication date: November 07, 2016.

ITW Company Profile

Illinois Tool Works Inc. (ITW), incorporated on June 19, 1961, is a maker of a range of industrial products and equipment. The Firm operates through seven divisions: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. The Firm has over 80 divisions in approximately 60 countries.

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