Illinois Tool Works Inc. (ITW) Expected to Post Quarterly Sales of $3.55 Billion
Brokerages expect Illinois Tool Works Inc. (NYSE:ITW) to report sales of $3.55 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Illinois Tool Works’ earnings, with estimates ranging from $3.51 billion to $3.61 billion. Illinois Tool Works posted sales of $3.50 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.4%. The company is scheduled to report its next earnings report on Thursday, October 19th.
On average, analysts expect that Illinois Tool Works will report full-year sales of $3.55 billion for the current fiscal year, with estimates ranging from $14.02 billion to $14.31 billion. For the next financial year, analysts expect that the company will post sales of $14.63 billion per share, with estimates ranging from $14.29 billion to $15.02 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Monday, July 24th. The industrial products company reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.63 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS.
Several equities research analysts recently commented on ITW shares. Zacks Investment Research cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Morgan Stanley reaffirmed an “equal weight” rating and set a $140.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a research note on Monday, July 10th. BidaskClub cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research note on Thursday. Barclays PLC raised their target price on Illinois Tool Works from $123.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Finally, Citigroup Inc. raised their target price on Illinois Tool Works from $143.00 to $161.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $152.67.
In other Illinois Tool Works news, insider John R. Hartnett sold 11,750 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the sale, the insider now owns 23,839 shares of the company’s stock, valued at $3,455,701.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Christopher A. O’herlihy sold 36,467 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $144.00, for a total value of $5,251,248.00. Following the completion of the sale, the insider now directly owns 55,878 shares of the company’s stock, valued at approximately $8,046,432. The disclosure for this sale can be found here. Insiders sold 201,961 shares of company stock valued at $28,311,650 in the last three months. Insiders own 0.90% of the company’s stock.
A number of large investors have recently made changes to their positions in ITW. CENTRAL TRUST Co boosted its stake in shares of Illinois Tool Works by 6.5% in the first quarter. CENTRAL TRUST Co now owns 6,741 shares of the industrial products company’s stock worth $893,000 after buying an additional 410 shares during the period. Fulton Bank N.A. purchased a new stake in shares of Illinois Tool Works during the first quarter worth approximately $207,000. Denali Advisors LLC boosted its stake in shares of Illinois Tool Works by 8.6% in the first quarter. Denali Advisors LLC now owns 64,213 shares of the industrial products company’s stock worth $8,506,000 after buying an additional 5,092 shares during the period. Nadler Financial Group Inc. boosted its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Nadler Financial Group Inc. now owns 3,333 shares of the industrial products company’s stock worth $442,000 after buying an additional 97 shares during the period. Finally, Creative Planning boosted its stake in shares of Illinois Tool Works by 7.9% in the first quarter. Creative Planning now owns 74,435 shares of the industrial products company’s stock worth $9,860,000 after buying an additional 5,428 shares during the period. 75.32% of the stock is owned by hedge funds and other institutional investors.
Illinois Tool Works (NYSE:ITW) opened at 142.88 on Monday. The firm has a market capitalization of $49.25 billion, a price-to-earnings ratio of 23.12 and a beta of 1.11. The stock’s 50 day moving average price is $144.97 and its 200 day moving average price is $136.73. Illinois Tool Works has a 52-week low of $111.50 and a 52-week high of $150.29.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 2.18%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. Illinois Tool Works’s dividend payout ratio (DPR) is 42.07%.
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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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