Illinois Tool Works Inc. (ITW) to Release Earnings on Thursday
Illinois Tool Works Inc. (NYSE:ITW) will release its earnings data on Thursday, October 20th. Analysts expect Illinois Tool Works to post earnings of $1.49 per share for the quarter. Illinois Tool Works has set its Q3 guidance at $1.42-1.52 EPS and its FY16 guidance at $5.50-5.70 EPS.
Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, July 20th. The company reported $1.46 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.06. Illinois Tool Works had a net margin of 14.65% and a return on equity of 38.15%. The company had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the prior year, the company posted $1.30 earnings per share. Illinois Tool Works’s revenue for the quarter was down .1% compared to the same quarter last year. On average, analysts expect Illinois Tool Works to post $5.62 EPS for the current fiscal year and $6.14 EPS for the next fiscal year.
Shares of Illinois Tool Works Inc. (NYSE:ITW) opened at 116.07 on Tuesday. The firm has a market cap of $41.20 billion, a PE ratio of 21.61 and a beta of 1.11. The stock’s 50 day moving average is $118.18 and its 200 day moving average is $110.94. Illinois Tool Works Inc. has a 12 month low of $79.15 and a 12 month high of $123.50.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 6th. Stockholders of record on Friday, September 30th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Wednesday, September 28th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $0.55. Illinois Tool Works’s payout ratio is 48.42%.
Several research firms have recently issued reports on ITW. Jefferies Group lifted their price target on Illinois Tool Works from $128.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 11th. Zacks Investment Research cut Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Wednesday, October 5th. Deutsche Bank AG reiterated a “buy” rating and set a $102.00 price objective on shares of Illinois Tool Works in a research report on Thursday, August 25th. RBC Capital Markets reiterated a “sector perform” rating and set a $104.00 price objective (up previously from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Finally, Credit Suisse Group AG set a $114.00 price objective on Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $110.20.
In related news, CFO Michael M. Larsen sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $113.99, for a total transaction of $1,595,860.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Sundaram Nagarajan sold 4,560 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $119.50, for a total value of $544,920.00. Following the transaction, the insider now directly owns 24,777 shares in the company, valued at $2,960,851.50. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Argent Trust Co bought a new position in Illinois Tool Works during the second quarter valued at approximately $208,000. Mariner Wealth Advisors LLC bought a new position in Illinois Tool Works during the second quarter valued at approximately $226,000. Cedar Wealth Management LLC raised its position in Illinois Tool Works by 32.1% in the second quarter. Cedar Wealth Management LLC now owns 2,450 shares of the company’s stock valued at $255,000 after buying an additional 595 shares during the period. Sullivan Bruyette Speros & Blaney Inc. bought a new position in Illinois Tool Works during the second quarter valued at approximately $277,000. Finally, C M Bidwell & Associates Ltd. bought a new position in Illinois Tool Works during the second quarter valued at approximately $289,000. 74.89% of the stock is currently owned by hedge funds and other institutional investors.
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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