Equities analysts predict that Illinois Tool Works Inc. (NYSE:ITW) will announce sales of $3.74 billion for the current quarter, Zacks reports. Seven analysts have issued estimates for Illinois Tool Works’ earnings, with estimates ranging from $3.68 billion to $3.84 billion. Illinois Tool Works reported sales of $3.83 billion during the same quarter last year, which indicates a negative year over year growth rate of 2.3%. The company is scheduled to report its next earnings results on Monday, July 22nd.
On average, analysts expect that Illinois Tool Works will report full year sales of $14.65 billion for the current financial year, with estimates ranging from $14.56 billion to $14.79 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $14.98 billion, with estimates ranging from $14.77 billion to $15.08 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, April 25th. The industrial products company reported $1.81 EPS for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.01. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.64 billion. Illinois Tool Works had a net margin of 17.21% and a return on equity of 72.74%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.90 earnings per share.
Several equities analysts have recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $137.00 to $145.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Zacks Investment Research downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a report on Monday, April 8th. Morgan Stanley set a $134.00 price objective on shares of Illinois Tool Works and gave the company a “sell” rating in a report on Friday, April 26th. Citigroup set a $161.00 price objective on shares of Illinois Tool Works and gave the company a “hold” rating in a report on Friday, April 26th. Finally, Argus upped their price objective on shares of Illinois Tool Works from $145.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 26th. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Illinois Tool Works has a consensus rating of “Hold” and an average target price of $142.59.
In other news, EVP John R. Hartnett sold 14,323 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $153.55, for a total transaction of $2,199,296.65. Following the completion of the transaction, the executive vice president now directly owns 31,695 shares of the company’s stock, valued at approximately $4,866,767.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Randall J. Scheuneman sold 14,931 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $150.17, for a total value of $2,242,188.27. Following the transaction, the vice president now directly owns 21,603 shares of the company’s stock, valued at $3,244,122.51. The disclosure for this sale can be found here. Corporate insiders own 0.87% of the company’s stock.
Several hedge funds have recently made changes to their positions in ITW. Vanguard Group Inc raised its stake in Illinois Tool Works by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 25,617,374 shares of the industrial products company’s stock valued at $3,615,123,000 after purchasing an additional 317,172 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Illinois Tool Works by 2.8% in the 4th quarter. Advisors Asset Management Inc. now owns 47,191 shares of the industrial products company’s stock valued at $5,979,000 after purchasing an additional 1,299 shares during the last quarter. Gantzert Investment Co. LLC ADV acquired a new position in Illinois Tool Works in the 4th quarter valued at $2,317,000. Greatmark Investment Partners Inc. raised its stake in Illinois Tool Works by 20.3% in the 4th quarter. Greatmark Investment Partners Inc. now owns 55,498 shares of the industrial products company’s stock valued at $7,031,000 after purchasing an additional 9,370 shares during the last quarter. Finally, Beacon Pointe Wealth Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $328,000. 77.59% of the stock is owned by institutional investors and hedge funds.
Illinois Tool Works stock traded down $1.29 during trading hours on Friday, reaching $151.11. The stock had a trading volume of 383,362 shares, compared to its average volume of 1,396,863. Illinois Tool Works has a 52 week low of $117.75 and a 52 week high of $158.69. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.19 and a current ratio of 1.53. The company has a market capitalization of $50.35 billion, a PE ratio of 19.88, a P/E/G ratio of 2.47 and a beta of 1.24.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Friday, June 28th will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $4.00 dividend on an annualized basis and a yield of 2.65%. Illinois Tool Works’s dividend payout ratio is currently 52.63%.
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.
See Also: Price to Earnings Ratio (PE)
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