Zacks: Brokerages Anticipate Illinois Tool Works Inc. (NYSE:ITW) Will Announce Earnings of $1.96 Per Share

Wall Street analysts expect Illinois Tool Works Inc. (NYSE:ITW) to announce $1.96 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Illinois Tool Works’ earnings. The lowest EPS estimate is $1.93 and the highest is $1.99. Illinois Tool Works reported earnings of $1.90 per share in the same quarter last year, which indicates a positive year over year growth rate of 3.2%. The firm is scheduled to report its next quarterly earnings report on Wednesday, October 23rd.

On average, analysts expect that Illinois Tool Works will report full-year earnings of $7.64 per share for the current year, with EPS estimates ranging from $7.57 to $7.75. For the next fiscal year, analysts forecast that the business will post earnings of $8.12 per share, with EPS estimates ranging from $7.80 to $8.40. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Illinois Tool Works.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.03. Illinois Tool Works had a return on equity of 76.17% and a net margin of 17.17%. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the business earned $1.97 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year.

A number of research firms have issued reports on ITW. Northcoast Research downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target for the company. in a research report on Wednesday, June 26th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $143.00 to $154.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Zacks Investment Research downgraded Illinois Tool Works from a “hold” rating to a “sell” rating and set a $154.00 target price for the company. in a research report on Tuesday, July 9th. UBS Group upped their target price on Illinois Tool Works from $150.00 to $154.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Finally, Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $144.00 target price for the company. in a research report on Monday, September 23rd. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $142.44.

In other Illinois Tool Works news, insider Michael R. Zimmerman sold 9,325 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the sale, the insider now owns 16,315 shares in the company, valued at $2,610,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven L. Martindale sold 48,622 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $155.88, for a total value of $7,579,197.36. Following the sale, the executive vice president now owns 84,546 shares in the company, valued at approximately $13,179,030.48. The disclosure for this sale can be found here. Insiders have sold 158,458 shares of company stock worth $25,172,163 in the last 90 days. 0.87% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock worth $3,935,459,000 after purchasing an additional 659,248 shares during the period. BlackRock Inc. raised its position in shares of Illinois Tool Works by 3.0% during the 2nd quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock worth $3,053,058,000 after purchasing an additional 581,489 shares during the period. Bank of America Corp DE raised its position in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Bank of America Corp DE now owns 3,756,360 shares of the industrial products company’s stock worth $566,496,000 after purchasing an additional 94,434 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Illinois Tool Works by 2.8% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,401,495 shares of the industrial products company’s stock worth $362,170,000 after purchasing an additional 65,298 shares during the period. Finally, Invesco Ltd. raised its position in shares of Illinois Tool Works by 179.7% during the 2nd quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock worth $322,590,000 after purchasing an additional 1,374,150 shares during the period. Institutional investors and hedge funds own 77.46% of the company’s stock.

ITW stock traded up $1.49 during trading on Friday, reaching $151.32. 31,499 shares of the stock traded hands, compared to its average volume of 1,169,610. The business’s 50 day moving average price is $152.12 and its 200-day moving average price is $150.77. Illinois Tool Works has a 52-week low of $117.75 and a 52-week high of $161.71. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.87 and a quick ratio of 2.30. The firm has a market capitalization of $49.40 billion, a PE ratio of 19.88, a P/E/G ratio of 2.71 and a beta of 1.22.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.07 per share. The ex-dividend date is Friday, September 27th. This represents a $4.28 annualized dividend and a yield of 2.83%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s dividend payout ratio is presently 56.32%.

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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Earnings History and Estimates for Illinois Tool Works (NYSE:ITW)

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