Q3 2023 EPS Estimates for Illinois Tool Works Inc. Lowered by Seaport Res Ptn (NYSE:ITW)

Posted by Defense World Staff on Aug 6th, 2023

Illinois Tool Works Inc. (NYSE:ITW – Free Report) – Equities researchers at Seaport Res Ptn decreased their Q3 2023 earnings per share (EPS) estimates for shares of Illinois Tool Works in a research note issued to investors on Tuesday, August 1st. Seaport Res Ptn analyst W. Liptak now anticipates that the industrial products company will earn $2.48 per share for the quarter, down from their prior forecast of $2.50. The consensus estimate for Illinois Tool Works’ current full-year earnings is $9.74 per share.

Illinois Tool Works (NYSE:ITW – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.39 by $0.02. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.14 billion. Illinois Tool Works had a return on equity of 94.14% and a net margin of 19.30%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.37 EPS.

A number of other research firms have also recently commented on ITW. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. 3M restated a “maintains” rating on shares of Illinois Tool Works in a research report on Wednesday, May 3rd. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company a “hold” rating in a research report on Wednesday, July 19th. Morgan Stanley upped their price objective on shares of Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a research report on Thursday. Finally, Barclays increased their target price on Illinois Tool Works from $203.00 to $210.00 in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $236.75.

Illinois Tool Works Stock Performance

ITW stock opened at $246.64 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.59 and a debt-to-equity ratio of 2.25. Illinois Tool Works has a twelve month low of $180.27 and a twelve month high of $264.19. The business’s fifty day moving average is $245.39 and its 200-day moving average is $237.46. The company has a market cap of $74.95 billion, a P/E ratio of 24.40, a price-to-earnings-growth ratio of 4.46 and a beta of 1.13.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds have recently bought and sold shares of ITW. Bank Julius Baer & Co. Ltd Zurich lifted its stake in Illinois Tool Works by 103,194.6% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 72,134,735 shares of the industrial products company’s stock valued at $18,045,225,000 after purchasing an additional 72,064,901 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in Illinois Tool Works by 106,553.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 7,185,211 shares of the industrial products company’s stock valued at $1,582,902,000 after purchasing an additional 7,178,474 shares during the last quarter. Norges Bank acquired a new stake in Illinois Tool Works during the fourth quarter worth approximately $708,259,000. Morgan Stanley lifted its position in Illinois Tool Works by 59.2% during the fourth quarter. Morgan Stanley now owns 4,591,278 shares of the industrial products company’s stock worth $1,011,459,000 after acquiring an additional 1,707,780 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Illinois Tool Works by 4.7% during the first quarter. BlackRock Inc. now owns 22,309,285 shares of the industrial products company’s stock worth $5,431,195,000 after acquiring an additional 997,389 shares during the last quarter. 79.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Randall J. Scheuneman sold 5,425 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $239.23, for a total value of $1,297,822.75. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares in the company, valued at approximately $2,121,970.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be issued a $1.40 dividend. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.31. This represents a $5.60 annualized dividend and a dividend yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.83%.

About Illinois Tool Works

(Get Free Report)

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.