Equities research analysts expect that Illinois Tool Works Inc. (NYSE:ITW) will announce sales of $3.51 billion for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Illinois Tool Works’ earnings, with the lowest sales estimate coming in at $3.31 billion and the highest estimate coming in at $3.59 billion. Illinois Tool Works posted sales of $2.56 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 37.1%. The company is expected to announce its next quarterly earnings report on Friday, July 30th.
According to Zacks, analysts expect that Illinois Tool Works will report full year sales of $14.33 billion for the current financial year, with estimates ranging from $14.29 billion to $14.41 billion. For the next year, analysts anticipate that the business will post sales of $15.00 billion, with estimates ranging from $14.52 billion to $15.55 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that cover Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Friday, April 30th. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.21. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.43 billion. Illinois Tool Works had a net margin of 17.18% and a return on equity of 78.80%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.77 earnings per share.
ITW has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Illinois Tool Works from $203.00 to $210.00 and gave the company a “neutral” rating in a research note on Wednesday, April 14th. They noted that the move was a valuation call. Argus raised their target price on shares of Illinois Tool Works from $230.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, May 5th. Morgan Stanley raised their target price on shares of Illinois Tool Works from $189.00 to $207.00 and gave the stock an “underweight” rating in a research report on Monday, May 10th. Robert W. Baird raised their target price on shares of Illinois Tool Works from $214.00 to $229.00 and gave the stock a “neutral” rating in a research report on Friday, April 30th. Finally, Barclays raised their target price on shares of Illinois Tool Works from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, May 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $223.63.
In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 6,820 shares of the firm’s stock in a transaction on Friday, May 7th. The stock was sold at an average price of $237.32, for a total value of $1,618,522.40. Following the completion of the sale, the chief accounting officer now owns 14,622 shares of the company’s stock, valued at $3,470,093.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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. Meridian Wealth Partners LLC purchased a new position in shares of Illinois Tool Works in the first quarter valued at $27,000. Harbour Investments Inc. purchased a new position in shares of Illinois Tool Works in the first quarter valued at $28,000. Wolff Wiese Magana LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $26,000. Diversified LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $27,000. Finally, MPS Loria Financial Planners LLC purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $28,000. 75.67% of the stock is owned by institutional investors.
Shares of ITW stock traded down $0.05 during trading hours on Friday, reaching $231.99. 1,473,620 shares of the stock were exchanged, compared to its average volume of 967,331. The firm has a market capitalization of $73.28 billion, a P/E ratio of 32.50, a P/E/G ratio of 2.33 and a beta of 1.10. Illinois Tool Works has a 12-month low of $160.34 and a 12-month high of $242.07. The company has a debt-to-equity ratio of 2.32, a current ratio of 2.50 and a quick ratio of 2.02. The business’s fifty day moving average is $228.87 and its two-hundred day moving average is $212.50.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 15th. Shareholders of record on Wednesday, June 30th will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Tuesday, June 29th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 65.14%.
About Illinois Tool Works
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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