Illinois Tool Works Inc. Forecasted to Post FY2018 Earnings of $7.10 Per Share (ITW)
Illinois Tool Works Inc. (NYSE:ITW) – Analysts at Jefferies Group boosted their FY2018 EPS estimates for Illinois Tool Works in a report released on Monday. Jefferies Group analyst S. Volkmann now forecasts that the industrial products company will post earnings of $7.10 per share for the year, up from their previous estimate of $6.90. Jefferies Group has a “Buy” rating and a $170.00 price target on the stock.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a net margin of 15.50% and a return on equity of 46.57%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS.
Several other research firms also recently commented on ITW. Royal Bank Of Canada boosted their target price on shares of Illinois Tool Works from $141.00 to $143.00 and gave the stock a “sector perform” rating in a report on Tuesday. Argus boosted their target price on shares of Illinois Tool Works from $145.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 26th. Credit Suisse Group set a $141.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Tuesday. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Wednesday, March 29th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $144.00 target price (up previously from $140.00) on shares of Illinois Tool Works in a report on Tuesday, April 25th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $153.08.
Shares of Illinois Tool Works (NYSE:ITW) traded up 0.11% during trading on Thursday, hitting $140.22. 705,057 shares of the stock were exchanged. Illinois Tool Works has a 52-week low of $111.50 and a 52-week high of $150.29. The firm has a 50 day moving average of $145.44 and a 200-day moving average of $136.11. The stock has a market cap of $48.44 billion, a PE ratio of 23.55 and a beta of 1.12.
A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. Quadrature Capital Ltd purchased a new position in Illinois Tool Works during the fourth quarter worth $2,027,000. Perigon Wealth Management LLC boosted its position in Illinois Tool Works by 20.3% in the fourth quarter. Perigon Wealth Management LLC now owns 1,481 shares of the industrial products company’s stock worth $199,000 after buying an additional 250 shares during the period. HighPoint Advisor Group LLC boosted its position in Illinois Tool Works by 0.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 8,947 shares of the industrial products company’s stock worth $1,207,000 after buying an additional 33 shares during the period. Teachers Advisors LLC boosted its position in Illinois Tool Works by 4.5% in the fourth quarter. Teachers Advisors LLC now owns 905,590 shares of the industrial products company’s stock worth $110,899,000 after buying an additional 39,223 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in Illinois Tool Works during the fourth quarter worth $2,807,000. Institutional investors and hedge funds own 75.51% of the company’s stock.
In other Illinois Tool Works news, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $144.00, for a total transaction of $5,251,248.00. Following the transaction, the insider now owns 55,878 shares in the company, valued at $8,046,432. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ernest Scott Santi sold 101,297 shares of the business’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $138.03, for a total transaction of $13,982,024.91. Following the transaction, the chief executive officer now owns 191,142 shares in the company, valued at approximately $26,383,330.26. The disclosure for this sale can be found here. Insiders sold 201,961 shares of company stock worth $28,311,650 in the last 90 days. 0.90% of the stock is currently owned by company insiders.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Friday, June 30th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.86%. The ex-dividend date was Wednesday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 42.07%.
About Illinois Tool Works
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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