Brokerages expect Illinois Tool Works Inc. (NYSE:ITW) to report $3.67 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Illinois Tool Works’ earnings, with estimates ranging from $3.60 billion to $3.76 billion. Illinois Tool Works posted sales of $3.47 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 5.8%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, April 26th.
According to Zacks, analysts expect that Illinois Tool Works will report full year sales of $15.05 billion for the current year, with estimates ranging from $14.82 billion to $15.30 billion. For the next fiscal year, analysts forecast that the business will report sales of $15.60 billion per share, with estimates ranging from $15.37 billion to $15.86 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Illinois Tool Works.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, January 24th. The industrial products company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.08. Illinois Tool Works had a net margin of 11.79% and a return on equity of 48.42%. The business had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm earned $1.39 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis.
ITW has been the topic of several research analyst reports. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $192.00 target price on the stock in a report on Thursday, January 18th. JPMorgan Chase lowered their target price on shares of Illinois Tool Works from $168.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, April 10th. BMO Capital Markets reissued a “hold” rating and issued a $170.00 target price on shares of Illinois Tool Works in a report on Wednesday. Wells Fargo boosted their target price on shares of Illinois Tool Works from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, Jefferies Group reissued a “buy” rating on shares of Illinois Tool Works in a report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $175.41.
In related news, insider Sundaram Nagarajan sold 18,650 shares of the business’s stock in a transaction on Friday, January 26th. The shares were sold at an average price of $178.00, for a total value of $3,319,700.00. Following the sale, the insider now owns 42,497 shares in the company, valued at $7,564,466. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ITW. Cambridge Investment Research Advisors Inc. increased its position in Illinois Tool Works by 21.6% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 19,729 shares of the industrial products company’s stock valued at $3,292,000 after acquiring an additional 3,498 shares during the last quarter. KCM Investment Advisors LLC increased its position in Illinois Tool Works by 5.8% during the fourth quarter. KCM Investment Advisors LLC now owns 9,922 shares of the industrial products company’s stock valued at $1,655,000 after acquiring an additional 541 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in Illinois Tool Works by 7.5% during the fourth quarter. Xact Kapitalforvaltning AB now owns 50,224 shares of the industrial products company’s stock valued at $8,380,000 after acquiring an additional 3,511 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Illinois Tool Works by 7.5% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 223,945 shares of the industrial products company’s stock valued at $37,365,000 after acquiring an additional 15,658 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. increased its position in Illinois Tool Works by 48.7% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 17,100 shares of the industrial products company’s stock valued at $2,853,000 after acquiring an additional 5,600 shares during the last quarter. Institutional investors own 77.64% of the company’s stock.
Shares of ITW stock traded down $0.31 during mid-day trading on Friday, hitting $159.09. The company had a trading volume of 976,363 shares, compared to its average volume of 1,452,131. Illinois Tool Works has a 52-week low of $132.52 and a 52-week high of $179.07. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.98 and a current ratio of 2.38. The company has a market capitalization of $53,953.97, a PE ratio of 24.14, a price-to-earnings-growth ratio of 2.03 and a beta of 1.24.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 10th. Investors of record on Friday, March 30th were given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, March 28th. Illinois Tool Works’s dividend payout ratio is presently 47.34%.
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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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