Illinois Tool Works Inc. (NYSE:ITW) Forecasted to Post Q3 2024 Earnings of $2.54 Per Share

Illinois Tool Works Inc. (NYSE:ITW) – Equities researchers at Zacks Research reduced their Q3 2024 EPS estimates for Illinois Tool Works in a research report issued on Tuesday, August 13th. Zacks Research analyst A. Bhattacharjee now forecasts that the industrial products company will post earnings of $2.54 per share for the quarter, down from their prior forecast of $2.59. The consensus estimate for Illinois Tool Works’ current full-year earnings is $10.25 per share. Zacks Research also issued estimates for Illinois Tool Works’ Q1 2025 earnings at $2.53 EPS, Q2 2025 earnings at $2.64 EPS and Q1 2026 earnings at $2.71 EPS.

ITW has been the subject of a number of other reports. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Truist Financial reduced their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Jefferies Financial Group reduced their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $250.75.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $241.94 on Thursday. The company has a 50-day simple moving average of $240.80 and a 200-day simple moving average of $249.75. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 and a current ratio of 1.30. The stock has a market capitalization of $72.19 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 3.80 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the previous year, the company earned $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.48%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Insiders Place Their Bets

In related news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by company insiders.

Institutional Trading of Illinois Tool Works

Institutional investors and hedge funds have recently modified their holdings of the business. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $29,000. Christopher J. Hasenberg Inc purchased a new position in shares of Illinois Tool Works during the first quarter valued at approximately $32,000. Finally, Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.