Equities research analysts predict that Illinois Tool Works Inc. (NYSE:ITW) will report earnings of $1.89 per share for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Illinois Tool Works’ earnings, with the highest EPS estimate coming in at $1.90 and the lowest estimate coming in at $1.87. Illinois Tool Works reported earnings of $1.71 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 10.5%. The business is expected to announce its next earnings results before the market opens on Wednesday, October 24th.
According to Zacks, analysts expect that Illinois Tool Works will report full-year earnings of $7.63 per share for the current year, with EPS estimates ranging from $7.57 to $7.68. For the next financial year, analysts expect that the business will report earnings of $8.23 per share, with EPS estimates ranging from $7.90 to $8.50. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Monday, July 23rd. The industrial products company reported $1.97 earnings per share for the quarter, hitting the consensus estimate of $1.97. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.85 billion. Illinois Tool Works had a net margin of 12.70% and a return on equity of 56.74%. Illinois Tool Works’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.69 EPS.
Several brokerages have commented on ITW. Robert W. Baird decreased their price target on shares of Illinois Tool Works from $155.00 to $141.00 and set a “hold” rating on the stock in a research note on Tuesday, July 24th. MED cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Thursday, July 12th. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $158.00 price target on the stock in a research note on Wednesday, June 27th. Citigroup set a $166.00 price target on shares of Illinois Tool Works and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Finally, ValuEngine upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company’s stock. Illinois Tool Works has an average rating of “Hold” and an average target price of $158.94.
Shares of ITW stock opened at $127.68 on Friday. The firm has a market capitalization of $42.60 billion, a price-to-earnings ratio of 19.37, a P/E/G ratio of 1.65 and a beta of 1.22. Illinois Tool Works has a 52 week low of $126.13 and a 52 week high of $179.07. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.35 and a current ratio of 1.73.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 9th. Stockholders of record on Friday, September 28th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 3.13%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Thursday, September 27th. Illinois Tool Works’s dividend payout ratio is currently 60.70%.
Illinois Tool Works announced that its Board of Directors has initiated a stock repurchase plan on Friday, August 3rd that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other Illinois Tool Works news, Director Richard H. Lenny bought 1,778 shares of the firm’s stock in a transaction dated Friday, July 27th. The shares were purchased at an average cost of $140.85 per share, for a total transaction of $250,431.30. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.82% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in ITW. Renaissance Technologies LLC purchased a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $109,837,000. Bristol John W & Co. Inc. NY purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $55,822,000. Millennium Management LLC raised its position in shares of Illinois Tool Works by 786.2% during the 1st quarter. Millennium Management LLC now owns 427,605 shares of the industrial products company’s stock valued at $66,989,000 after buying an additional 379,356 shares in the last quarter. Schroder Investment Management Group raised its position in shares of Illinois Tool Works by 68.0% during the 2nd quarter. Schroder Investment Management Group now owns 871,859 shares of the industrial products company’s stock valued at $120,803,000 after buying an additional 352,757 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its position in shares of Illinois Tool Works by 28.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock valued at $219,489,000 after buying an additional 349,717 shares in the last quarter. Hedge funds and other institutional investors own 76.33% of the company’s stock.
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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