Illinois Tool Works Inc. (ITW) Releases Earnings Results, Beats Estimates By $0.20 EPS
Illinois Tool Works Inc. (NYSE:ITW) posted its earnings results on Monday. The industrial products company reported $1.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.65 by $0.20, MarketWatch Earnings reports. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the company earned $1.50 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Illinois Tool Works updated its Q4 guidance to $1.55-1.65 EPS and its FY17 guidance to $6.62-6.72 EPS.
Illinois Tool Works (NYSE:ITW) traded up 1.87% during mid-day trading on Tuesday, reaching $158.42. The company’s stock had a trading volume of 2,129,268 shares. Illinois Tool Works has a 12-month low of $111.50 and a 12-month high of $159.36. The company has a 50-day moving average price of $148.35 and a 200-day moving average price of $142.63. The firm has a market cap of $54.52 billion, a PE ratio of 25.63 and a beta of 1.12.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were given a $0.78 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, September 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 50.49%.
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In other news, insider John R. Hartnett sold 6,533 shares of the company’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $155.00, for a total transaction of $1,012,615.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is currently owned by corporate insiders.
A number of research analysts have recently weighed in on ITW shares. Morgan Stanley restated an “equal weight” rating and issued a $140.00 target price (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, July 10th. BMO Capital Markets restated a “buy” rating and issued a $160.00 target price on shares of Illinois Tool Works in a report on Thursday, July 20th. Zacks Investment Research lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Citigroup Inc. restated a “buy” rating and issued a $171.00 target price (up previously from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Finally, BidaskClub downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $157.27.
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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