Wall Street analysts expect Illinois Tool Works Inc. (NYSE:ITW) to post earnings of $1.41 per share for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Illinois Tool Works’ earnings, with the lowest EPS estimate coming in at $1.26 and the highest estimate coming in at $1.55. Illinois Tool Works posted earnings of $2.04 per share in the same quarter last year, which suggests a negative year over year growth rate of 30.9%. The company is scheduled to announce its next quarterly earnings results on Friday, October 23rd.
According to Zacks, analysts expect that Illinois Tool Works will report full year earnings of $5.76 per share for the current year, with EPS estimates ranging from $5.55 to $5.90. For the next financial year, analysts expect that the business will report earnings of $6.88 per share, with EPS estimates ranging from $6.25 to $7.60. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research analysts that follow Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.31. Illinois Tool Works had a return on equity of 81.80% and a net margin of 17.16%. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the company earned $1.91 EPS. Illinois Tool Works’s revenue for the quarter was down 29.0% compared to the same quarter last year.
Several research firms have commented on ITW. Bank of America boosted their price target on shares of Illinois Tool Works from $130.00 to $175.00 and gave the stock an “underperform” rating in a report on Monday, August 3rd. Morgan Stanley boosted their target price on shares of Illinois Tool Works from $156.00 to $162.00 and gave the stock an “underweight” rating in a research note on Monday, August 3rd. Wells Fargo & Company raised their price target on Illinois Tool Works from $180.00 to $205.00 in a research note on Monday, August 3rd. Credit Suisse Group upped their price objective on Illinois Tool Works from $174.00 to $195.00 in a research report on Monday, August 3rd. Finally, Barclays began coverage on Illinois Tool Works in a research report on Tuesday, August 25th. They set an “equal weight” rating and a $197.00 target price on the stock. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have issued a buy rating to the stock. Illinois Tool Works has a consensus rating of “Hold” and an average price target of $169.24.
NYSE:ITW traded up $0.95 during mid-day trading on Monday, hitting $191.85. The stock had a trading volume of 906,966 shares, compared to its average volume of 1,409,456. The stock has a 50-day simple moving average of $195.96 and a two-hundred day simple moving average of $173.55. The company has a market capitalization of $60.66 billion, a PE ratio of 28.17, a PEG ratio of 6.19 and a beta of 1.16. Illinois Tool Works has a twelve month low of $115.94 and a twelve month high of $203.18. The company has a current ratio of 2.75, a quick ratio of 2.18 and a debt-to-equity ratio of 3.29.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be given a dividend of $1.14 per share. The ex-dividend date is Tuesday, September 29th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.07. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.38%. Illinois Tool Works’s dividend payout ratio (DPR) is 58.84%.
In related news, EVP John R. Hartnett sold 19,436 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $193.96, for a total value of $3,769,806.56. Following the transaction, the executive vice president now owns 39,485 shares in the company, valued at approximately $7,658,510.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Mary Katherine Lawler sold 14,356 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $185.72, for a total value of $2,666,196.32. The disclosure for this sale can be found here. Insiders sold a total of 143,879 shares of company stock worth $27,240,677 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Rosenberg Matthew Hamilton purchased a new stake in shares of Illinois Tool Works during the second quarter worth approximately $27,000. Elmwood Wealth Management Inc. purchased a new position in Illinois Tool Works in the 1st quarter valued at $27,000. Watson Rebecca acquired a new position in Illinois Tool Works in the 2nd quarter valued at $43,000. JJJ Advisors Inc. purchased a new position in Illinois Tool Works during the 2nd quarter worth $46,000. Finally, Tarbox Family Office Inc. lifted its stake in shares of Illinois Tool Works by 32.5% in the 2nd quarter. Tarbox Family Office Inc. now owns 273 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 67 shares during the period. Institutional investors own 78.12% of the company’s stock.
About Illinois Tool Works
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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