Illinois Tool Works Inc. (NYSE:ITW) – Stock analysts at Seaport Global Securities lowered their Q4 2019 earnings estimates for Illinois Tool Works in a research report issued on Monday, July 29th, Zacks Investment Research reports. Seaport Global Securities analyst W. Liptak now forecasts that the industrial products company will post earnings of $1.82 per share for the quarter, down from their prior forecast of $2.17. Seaport Global Securities also issued estimates for Illinois Tool Works’ Q2 2020 earnings at $2.07 EPS and Q4 2020 earnings at $1.96 EPS.
Illinois Tool Works (NYSE:ITW) last issued its earnings results on Friday, July 26th. The industrial products company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.03. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.73 billion. Illinois Tool Works had a net margin of 17.17% and a return on equity of 76.17%. Illinois Tool Works’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.97 EPS.
ITW has been the subject of several other research reports. Morgan Stanley set a $134.00 target price on shares of Illinois Tool Works and gave the stock a “sell” rating in a report on Friday, April 26th. Credit Suisse Group upped their target price on shares of Illinois Tool Works from $124.00 to $152.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Argus upped their target price on shares of Illinois Tool Works from $145.00 to $165.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Northcoast Research cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and set a $121.00 price target on the stock. in a research note on Wednesday, June 26th. Finally, Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $143.00 to $154.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $142.33.
Illinois Tool Works stock traded down $0.32 during mid-day trading on Wednesday, hitting $151.81. The stock had a trading volume of 573,433 shares, compared to its average volume of 1,348,795. The firm has a market capitalization of $49.50 billion, a P/E ratio of 19.98, a P/E/G ratio of 2.57 and a beta of 1.23. The company has a current ratio of 2.87, a quick ratio of 2.30 and a debt-to-equity ratio of 2.52. The firm’s 50 day moving average is $151.12 and its 200 day moving average is $148.57. Illinois Tool Works has a one year low of $117.75 and a one year high of $160.78.
Several hedge funds and other institutional investors have recently made changes to their positions in ITW. Invesco Ltd. raised its position in shares of Illinois Tool Works by 179.7% during the 2nd quarter. Invesco Ltd. now owns 2,139,052 shares of the industrial products company’s stock valued at $322,590,000 after buying an additional 1,374,150 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Illinois Tool Works by 6,875.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,237,183 shares of the industrial products company’s stock valued at $186,579,000 after buying an additional 1,219,446 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 26,095,477 shares of the industrial products company’s stock valued at $3,935,459,000 after buying an additional 659,248 shares in the last quarter. Thoroughbred Financial Services LLC raised its position in shares of Illinois Tool Works by 15,116.7% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 661,166 shares of the industrial products company’s stock valued at $66,117,000 after buying an additional 656,821 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Illinois Tool Works by 3.0% during the 2nd quarter. BlackRock Inc. now owns 20,244,400 shares of the industrial products company’s stock valued at $3,053,058,000 after buying an additional 581,489 shares in the last quarter. Hedge funds and other institutional investors own 77.73% of the company’s stock.
In other news, VP Randall J. Scheuneman sold 14,931 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $150.17, for a total transaction of $2,242,188.27. Following the sale, the vice president now directly owns 21,603 shares in the company, valued at approximately $3,244,122.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael R. Zimmerman sold 9,325 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $160.00, for a total transaction of $1,492,000.00. Following the sale, the insider now owns 16,315 shares in the company, valued at $2,610,400. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,878 shares of company stock worth $11,313,386. Corporate insiders own 0.87% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Monday, September 30th will be paid a $1.07 dividend. The ex-dividend date is Friday, September 27th. This represents a $4.28 annualized dividend and a yield of 2.82%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.00. Illinois Tool Works’s payout ratio is presently 52.63%.
About Illinois Tool Works
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.