Illinois Tool Works Inc. (ITW) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS
Illinois Tool Works Inc. (NYSE:ITW) announced its quarterly earnings results on Monday. The industrial products company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.20, Bloomberg Earnings reports. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. Illinois Tool Works updated its Q4 guidance to $1.55-1.65 EPS and its FY17 guidance to $6.62-6.72 EPS.
Illinois Tool Works (NYSE ITW) opened at 155.03 on Monday. The stock’s 50 day moving average price is $147.56 and its 200 day moving average price is $142.11. Illinois Tool Works has a 12 month low of $111.50 and a 12 month high of $155.12. The firm has a market capitalization of $53.35 billion, a PE ratio of 25.09 and a beta of 1.12.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were given a dividend of $0.78 per share. The ex-dividend date of this dividend was Thursday, September 28th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.65. This represents a $3.12 annualized dividend and a dividend yield of 2.01%. Illinois Tool Works’s dividend payout ratio (DPR) is 50.49%.
In other Illinois Tool Works news, insider John R. Hartnett sold 6,533 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $150.00, for a total transaction of $979,950.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.90% of the stock is currently owned by corporate insiders.
Several analysts recently issued reports on the company. Royal Bank Of Canada reissued a “hold” rating and issued a $143.00 price target on shares of Illinois Tool Works in a report on Friday. Wells Fargo & Company set a $170.00 price target on Illinois Tool Works and gave the stock a “buy” rating in a report on Monday, October 16th. They noted that the move was a valuation call. J P Morgan Chase & Co raised Illinois Tool Works from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $132.00 to $140.00 in a report on Tuesday, October 10th. Citigroup Inc. reissued a “buy” rating and issued a $171.00 price target (up previously from $162.00) on shares of Illinois Tool Works in a report on Monday, October 9th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $147.00 price target (up previously from $136.00) on shares of Illinois Tool Works in a report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $153.87.
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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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