FY2016 Earnings Forecast for Illinois Tool Works Inc. (ITW) Issued By Seaport Global Securities
Illinois Tool Works Inc. (NYSE:ITW) – Equities research analysts at Seaport Global Securities reduced their FY2016 earnings per share (EPS) estimates for shares of Illinois Tool Works in a report issued on Monday. Seaport Global Securities analyst W. Liptak now forecasts that the brokerage will post earnings per share of $5.59 for the year, down from their prior forecast of $5.62. Seaport Global Securities also issued estimates for Illinois Tool Works’ FY2017 earnings at $6.02 EPS.
Other research analysts have also issued reports about the stock. Deutsche Bank AG raised their price objective on shares of Illinois Tool Works from $119.00 to $128.00 and gave the stock a “buy” rating in a report on Friday, July 15th. Zacks Investment Research raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a report on Monday, July 25th. Credit Suisse Group AG set a $114.00 price objective on shares of Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, July 21st. Robert W. Baird lowered shares of Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price objective for the company. in a report on Thursday, June 23rd. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $104.00 price objective (up from $101.00) on shares of Illinois Tool Works in a report on Sunday, July 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $108.43.
Illinois Tool Works (NYSE:ITW) opened at 119.56 on Wednesday. The company’s 50-day moving average is $118.85 and its 200 day moving average is $110.17. The stock has a market capitalization of $42.44 billion, a PE ratio of 22.26 and a beta of 1.11. Illinois Tool Works has a 12-month low of $79.15 and a 12-month high of $123.50.
Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.06. The firm earned $3.43 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The firm’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $1.30 earnings per share.
Several hedge funds and other institutional investors have recently bought and sold shares of ITW. Hudock Capital Group LLC raised its position in Illinois Tool Works by 0.5% in the second quarter. Hudock Capital Group LLC now owns 1,037 shares of the company’s stock valued at $108,000 after buying an additional 5 shares during the period. Archford Capital Strategies LLC raised its position in Illinois Tool Works by 1,008.5% in the second quarter. Archford Capital Strategies LLC now owns 1,175 shares of the company’s stock valued at $122,000 after buying an additional 1,069 shares during the period. Acropolis Investment Management LLC acquired a new position in Illinois Tool Works during the second quarter valued at approximately $128,000. Farmers National Bank acquired a new position in Illinois Tool Works during the second quarter valued at approximately $129,000. Finally, Kernodle & Katon Asset Management Group LLC raised its position in Illinois Tool Works by 85.8% in the second quarter. Kernodle & Katon Asset Management Group LLC now owns 1,293 shares of the company’s stock valued at $135,000 after buying an additional 597 shares during the period. 74.90% of the stock is owned by institutional investors and hedge funds.
In other news, insider John R. Hartnett sold 7,500 shares of Illinois Tool Works stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $114.08, for a total value of $855,600.00. Following the completion of the transaction, the insider now directly owns 16,399 shares of the company’s stock, valued at approximately $1,870,797.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sundaram Nagarajan sold 4,560 shares of Illinois Tool Works stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $119.50, for a total transaction of $544,920.00. Following the completion of the transaction, the insider now directly owns 24,777 shares of the company’s stock, valued at $2,960,851.50. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were issued a $0.65 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.55. This represents a $2.60 annualized dividend and a dividend yield of 2.17%. Illinois Tool Works’s payout ratio is 48.42%.
Illinois Tool Works Company Profile
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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