Illinois Tool Works Inc. (NYSE:ITW) – Analysts at Seaport Global Securities reduced their Q3 2016 earnings per share (EPS) estimates for shares of Illinois Tool Works in a report released on Monday. Seaport Global Securities analyst W. Liptak now anticipates that the brokerage will post earnings per share of $1.47 for the quarter, down from their previous forecast of $1.48. Seaport Global Securities also issued estimates for Illinois Tool Works’ Q4 2016 earnings at $1.37 EPS, Q3 2017 earnings at $1.56 EPS and Q4 2017 earnings at $1.44 EPS.
ITW has been the subject of several other research reports. Deutsche Bank AG reissued a “buy” rating and issued a $102.00 target price on shares of Illinois Tool Works in a research report on Thursday, August 25th. Zacks Investment Research downgraded shares of Illinois Tool Works from a “hold” rating to a “sell” rating in a research report on Wednesday. RBC Capital Markets reissued a “sector perform” rating and issued a $104.00 target price (up previously from $101.00) on shares of Illinois Tool Works in a research report on Sunday, July 24th. Credit Suisse Group AG set a $114.00 target price on shares of Illinois Tool Works and gave the stock a “hold” rating in a research report on Thursday, July 21st. Finally, Royal Bank Of Canada boosted their target price on shares of Illinois Tool Works from $101.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $108.43.
Illinois Tool Works (NYSE:ITW) opened at 119.27 on Tuesday. Illinois Tool Works has a 12-month low of $79.15 and a 12-month high of $123.50. The stock has a market capitalization of $42.34 billion, a PE ratio of 22.21 and a beta of 1.11. The company’s 50-day moving average is $118.84 and its 200 day moving average is $110.10.
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.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 6th. Stockholders of record on Friday, September 30th will be issued a $0.65 dividend. The ex-dividend date is 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 2.18%. Illinois Tool Works’s payout ratio is 48.42%.
In other news, 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 value 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 approximately $2,960,851.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction 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 $1,870,797.92. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
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 worth $108,000 after buying an additional 5 shares during the last quarter. 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 worth $122,000 after buying an additional 1,069 shares during the last quarter. Acropolis Investment Management LLC purchased a new position in Illinois Tool Works during the second quarter worth about $128,000. Farmers National Bank purchased a new position in Illinois Tool Works during the second quarter worth about $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 worth $135,000 after buying an additional 597 shares during the last quarter. 74.90% of the stock is owned by institutional investors and hedge funds.
About Illinois Tool Works
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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