Analysts Expect Illinois Tool Works Inc. (ITW) Will Post Earnings of $1.63 Per Share
Wall Street analysts expect Illinois Tool Works Inc. (NYSE:ITW) to announce earnings of $1.63 per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Illinois Tool Works’ earnings, with estimates ranging from $1.60 to $1.64. Illinois Tool Works posted earnings per share of $1.46 during the same quarter last year, which would indicate a positive year-over-year growth rate of 11.6%. The business is expected to report its next earnings results on Wednesday, July 19th.
On average, analysts expect that Illinois Tool Works will report full year earnings of $6.34 per share for the current fiscal year, with EPS estimates ranging from $6.30 to $6.39. For the next financial year, analysts forecast that the firm will report earnings of $7.00 per share, with EPS estimates ranging from $6.80 to $7.25. Zacks’ EPS averages are an average based on a survey of research analysts that follow Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, April 24th. The industrial products company reported $1.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.09. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.40 billion. Illinois Tool Works had a return on equity of 41.90% and a net margin of 14.96%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share.
Several equities analysts recently weighed in on ITW shares. Jefferies Group LLC reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Illinois Tool Works in a research note on Friday, March 17th. Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a research note on Wednesday, March 29th. BMO Capital Markets reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Illinois Tool Works in a research note on Thursday, April 20th. Citigroup Inc raised their price objective on Illinois Tool Works from $143.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Finally, Argus raised their price objective on Illinois Tool Works from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $144.50.
Shares of Illinois Tool Works (NYSE:ITW) traded up 0.47% during mid-day trading on Thursday, hitting $140.17. The stock had a trading volume of 492,982 shares. The company has a market cap of $48.42 billion, a PE ratio of 23.55 and a beta of 1.01. The stock has a 50 day moving average price of $136.09 and a 200-day moving average price of $129.75. Illinois Tool Works has a 52-week low of $98.32 and a 52-week high of $142.82.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 12th. Shareholders of record on Friday, June 30th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Wednesday, June 28th. Illinois Tool Works’s payout ratio is 45.61%.
In other Illinois Tool Works news, insider Michael R. Zimmerman sold 5,000 shares of the firm’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $140.00, for a total transaction of $700,000.00. Following the completion of the transaction, the insider now owns 7,626 shares of the company’s stock, valued at $1,067,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ernest Scott Santi sold 101,297 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $138.03, for a total value of $13,982,024.91. Following the transaction, the chief executive officer now directly owns 191,142 shares of the company’s stock, valued at approximately $26,383,330.26. The disclosure for this sale can be found here. Insiders have sold 124,740 shares of company stock valued at $17,223,303 in the last three months. 0.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in ITW. Hudock Capital Group LLC increased its position in Illinois Tool Works by 0.6% in the first quarter. Hudock Capital Group LLC now owns 1,054 shares of the industrial products company’s stock valued at $139,000 after buying an additional 6 shares during the last quarter. Trust Co. of Virginia VA boosted its stake in Illinois Tool Works by 0.4% in the first quarter. Trust Co. of Virginia VA now owns 3,865 shares of the industrial products company’s stock valued at $512,000 after buying an additional 15 shares during the period. Marietta Wealth Management LLC boosted its stake in Illinois Tool Works by 0.8% in the first quarter. Marietta Wealth Management LLC now owns 3,409 shares of the industrial products company’s stock valued at $452,000 after buying an additional 26 shares during the period. Courier Capital LLC boosted its stake in Illinois Tool Works by 1.6% in the fourth quarter. Courier Capital LLC now owns 1,768 shares of the industrial products company’s stock valued at $217,000 after buying an additional 27 shares during the period. Finally, Buckingham Asset Management LLC boosted its stake in Illinois Tool Works by 1.6% in the first quarter. Buckingham Asset Management LLC now owns 1,793 shares of the industrial products company’s stock valued at $238,000 after buying an additional 29 shares during the period. 74.80% of the stock is owned by institutional investors.
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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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