Analysts forecast that Illinois Tool Works Inc. (NYSE:ITW) will announce sales of $2.92 billion for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Illinois Tool Works’ earnings, with the lowest sales estimate coming in at $2.86 billion and the highest estimate coming in at $3.07 billion. Illinois Tool Works reported sales of $3.48 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 16.1%. The business is expected to announce its next quarterly earnings report on Friday, October 23rd.
According to Zacks, analysts expect that Illinois Tool Works will report full year sales of $11.83 billion for the current fiscal year, with estimates ranging from $11.75 billion to $12.04 billion. For the next year, analysts anticipate that the firm will post sales of $12.94 billion, with estimates ranging from $12.49 billion to $13.37 billion. Zacks’ sales calculations are an average based on a survey of research analysts that follow Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.31. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Illinois Tool Works had a return on equity of 81.80% and a net margin of 17.16%. The firm’s revenue for the quarter was down 29.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.91 EPS.
Several equities analysts have commented on the stock. Credit Suisse Group increased their price objective on shares of Illinois Tool Works from $174.00 to $195.00 in a research report on Monday, August 3rd. Bank of America increased their price target on shares of Illinois Tool Works from $130.00 to $175.00 and gave the company an “underperform” rating in a report on Monday, August 3rd. Morgan Stanley boosted their price objective on Illinois Tool Works from $156.00 to $162.00 and gave the stock an “underweight” rating in a research note on Monday, August 3rd. Barclays started coverage on Illinois Tool Works in a research note on Tuesday, August 25th. They issued an “equal weight” rating and a $197.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on Illinois Tool Works from $180.00 to $205.00 in a report on Monday, August 3rd. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $169.24.
Shares of ITW stock traded up $0.95 on Wednesday, reaching $191.85. The company’s stock had a trading volume of 906,966 shares, compared to its average volume of 1,409,456. The stock’s fifty day simple moving average is $195.96 and its 200-day simple moving average is $173.55. Illinois Tool Works has a 1 year low of $115.94 and a 1 year high of $203.18. The company has a market capitalization of $60.66 billion, a price-to-earnings ratio of 28.17, a price-to-earnings-growth ratio of 6.19 and a beta of 1.16. 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be paid a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 2.38%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.07. The ex-dividend date is Tuesday, September 29th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.84%.
In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 29,702 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $194.58, for a total transaction of $5,779,415.16. Following the completion of the sale, the insider now directly owns 63,300 shares in the company, valued at approximately $12,316,914. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John R. Hartnett sold 19,436 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $193.96, for a total value of $3,769,806.56. Following the completion of the transaction, the executive vice president now directly owns 39,485 shares of the company’s stock, valued at $7,658,510.60. The disclosure for this sale can be found here. Insiders have sold 143,879 shares of company stock valued at $27,240,677 over the last 90 days. 0.79% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the company. First Financial Bank Trust Division purchased a new position in shares of Illinois Tool Works in the third quarter valued at approximately $202,000. Atria Investments LLC acquired a new position in Illinois Tool Works during the second quarter worth approximately $1,201,000. Bridgeway Capital Management Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter valued at $3,630,000. Neuberger Berman Group LLC raised its holdings in shares of Illinois Tool Works by 0.3% in the second quarter. Neuberger Berman Group LLC now owns 182,189 shares of the industrial products company’s stock valued at $31,833,000 after buying an additional 626 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new stake in Illinois Tool Works during the 2nd quarter worth approximately $11,023,000. 78.12% of the stock is currently owned by institutional investors and hedge funds.
Illinois Tool Works Company Profile
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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