Illinois Tool Works Inc. (ITW) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Illinois Tool Works Inc. (NYSE:ITW) announced its earnings results on Monday, July 24th. The industrial products company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.03, Bloomberg Earnings reports. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Illinois Tool Works had a return on equity of 46.57% and a net margin of 15.50%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 EPS. Illinois Tool Works updated its Q3 guidance to $1.57-1.67 EPS and its FY17 guidance to $6.32-6.52 EPS.

Illinois Tool Works (NYSE ITW) opened at 135.67 on Friday. The company has a market capitalization of $46.69 billion, a price-to-earnings ratio of 21.95 and a beta of 1.11. Illinois Tool Works has a 52-week low of $111.50 and a 52-week high of $150.29. The stock has a 50 day moving average price of $142.53 and a 200 day moving average price of $137.77.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 2.30%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, September 28th. Illinois Tool Works’s payout ratio is presently 42.07%.

In other Illinois Tool Works news, insider John R. Hartnett sold 11,750 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $144.96, for a total value of $1,703,280.00. Following the completion of the transaction, the insider now owns 23,839 shares in the company, valued at approximately $3,455,701.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael M. Larsen sold 52,447 shares of the company’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $140.62, for a total transaction of $7,375,097.14. Following the completion of the transaction, the chief financial officer now owns 67,383 shares of the company’s stock, valued at approximately $9,475,397.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,664 shares of company stock worth $14,329,625. 0.90% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ITW. Omnia Family Wealth LLC boosted its position in Illinois Tool Works by 0.3% in the second quarter. Omnia Family Wealth LLC now owns 747 shares of the industrial products company’s stock valued at $107,000 after buying an additional 2 shares during the period. FCM Investments TX bought a new position in Illinois Tool Works during the first quarter valued at about $106,000. Harding Loevner LP bought a new position in Illinois Tool Works during the second quarter valued at about $115,000. WFG Advisors LP boosted its position in Illinois Tool Works by 24.7% in the second quarter. WFG Advisors LP now owns 812 shares of the industrial products company’s stock valued at $116,000 after buying an additional 161 shares during the period. Finally, MCF Advisors LLC boosted its position in Illinois Tool Works by 32.0% in the first quarter. MCF Advisors LLC now owns 825 shares of the industrial products company’s stock valued at $109,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

A number of equities research analysts recently issued reports on ITW shares. Stifel Nicolaus reissued a “hold” rating and set a $147.00 price target on shares of Illinois Tool Works in a research note on Wednesday. Royal Bank Of Canada raised their price target on Illinois Tool Works from $141.00 to $143.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 25th. Argus raised their price target on Illinois Tool Works from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Credit Suisse Group set a $141.00 price target on Illinois Tool Works and gave the stock a “hold” rating in a research note on Tuesday, July 25th. Finally, Barclays PLC raised their price target on Illinois Tool Works from $130.00 to $141.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $151.08.

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Illinois Tool Works Company Profile

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.

Earnings History for Illinois Tool Works (NYSE:ITW)

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