FY2018 EPS Estimates for Illinois Tool Works Inc. (ITW) Lowered by Seaport Global Securities

Illinois Tool Works Inc. (NYSE:ITW) – Equities researchers at Seaport Global Securities decreased their FY2018 earnings estimates for Illinois Tool Works in a report released on Thursday, October 25th. Seaport Global Securities analyst W. Liptak now expects that the industrial products company will earn $7.56 per share for the year, down from their prior forecast of $7.68. Seaport Global Securities currently has a “Neutral” rating and a $132.00 target price on the stock. Seaport Global Securities also issued estimates for Illinois Tool Works’ Q4 2018 earnings at $1.79 EPS, Q2 2019 earnings at $2.07 EPS, Q3 2019 earnings at $2.06 EPS, Q4 2019 earnings at $2.02 EPS and FY2019 earnings at $8.11 EPS.

Several other brokerages have also recently issued reports on ITW. Bank of America cut shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $147.00 price target on the stock. in a research report on Tuesday, July 24th. Goldman Sachs Group cut shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and set a $145.00 price target on the stock. in a research report on Monday, July 23rd. Citigroup set a $148.00 price target on shares of Illinois Tool Works and gave the company a “buy” rating in a research report on Thursday, October 25th. Morgan Stanley set a $131.00 price target on shares of Illinois Tool Works and gave the company a “hold” rating in a research report on Thursday, October 25th. Finally, Zacks Investment Research upgraded shares of Illinois Tool Works from a “sell” rating to a “hold” rating in a report on Monday, September 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Illinois Tool Works currently has an average rating of “Hold” and an average price target of $150.18.

Shares of NYSE ITW opened at $129.70 on Monday. Illinois Tool Works has a 1 year low of $119.38 and a 1 year high of $179.07. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.26 and a current ratio of 1.62. The stock has a market cap of $41.62 billion, a P/E ratio of 19.68, a P/E/G ratio of 1.65 and a beta of 1.22.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 24th. The industrial products company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.02. Illinois Tool Works had a net margin of 12.69% and a return on equity of 63.11%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the previous year, the company earned $1.71 earnings per share. Illinois Tool Works’s quarterly revenue was down .1% on a year-over-year basis.

Illinois Tool Works announced that its board has approved a share buyback plan on Friday, August 3rd that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the industrial products company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 9th. Shareholders of record on Friday, September 28th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Thursday, September 27th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $0.78. Illinois Tool Works’s dividend payout ratio is 60.70%.

A number of institutional investors and hedge funds have recently made changes to their positions in ITW. Massachusetts Financial Services Co. MA grew its holdings in shares of Illinois Tool Works by 25.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 6,912,686 shares of the industrial products company’s stock valued at $975,518,000 after buying an additional 1,401,794 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $109,837,000. Bristol John W & Co. Inc. NY purchased a new stake in shares of Illinois Tool Works during the third quarter valued at approximately $55,822,000. Schroder Investment Management Group grew its holdings in shares of Illinois Tool Works by 68.0% during the second quarter. Schroder Investment Management Group now owns 871,859 shares of the industrial products company’s stock valued at $120,803,000 after buying an additional 352,757 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of Illinois Tool Works by 28.3% during the second quarter. OppenheimerFunds Inc. now owns 1,584,305 shares of the industrial products company’s stock valued at $219,489,000 after buying an additional 349,717 shares during the last quarter. Institutional investors and hedge funds own 76.24% of the company’s stock.

Illinois Tool Works Company Profile

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.

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Earnings History and Estimates for Illinois Tool Works (NYSE:ITW)

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