Today The Illinois Tool Works Inc. (ITW) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Today The Illinois Tool Works Inc. (ITW) Posts Quarterly  Earnings Results, Beats Estimates By $0.02 EPS

Illinois Tool Works Inc. (NYSE:ITW) announced its earnings results on Wednesday. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.02. The business earned $3.39 billion during the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works had a net margin of 14.68% and a return on equity of 39.18%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 earnings per share. Illinois Tool Works updated its Q1 guidance to $1.39-$1.49 EPS and its FY17 guidance to $6.00-$6.20 EPS.

Illinois Tool Works (NYSE:ITW) opened at 127.06 on Wednesday. The firm’s 50-day moving average is $124.34 and its 200 day moving average is $119.42. Illinois Tool Works has a 1-year low of $84.62 and a 1-year high of $127.99. The firm has a market cap of $44.60 billion, a PE ratio of 23.20 and a beta of 1.06.

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 11th. Shareholders of record on Friday, December 30th were paid a dividend of $0.65 per share. The ex-dividend date was Wednesday, December 28th. This represents a $2.60 annualized dividend and a yield of 2.05%. Illinois Tool Works’s payout ratio is 47.45%.

ITW has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating and set a $138.00 target price for the company in a research note on Thursday, January 19th. Jefferies Group LLC reiterated a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Illinois Tool Works in a research note on Monday, December 5th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $123.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, December 5th. Barclays PLC reiterated a “hold” rating and set a $122.00 price objective on shares of Illinois Tool Works in a research note on Wednesday, January 18th. Finally, RBC Capital Markets reiterated a “hold” rating and set a $125.00 price objective on shares of Illinois Tool Works in a research note on Friday, January 13th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $121.13.

In other Illinois Tool Works news, insider Sundaram Nagarajan sold 34,299 shares of Illinois Tool Works stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $122.62, for a total transaction of $4,205,743.38. Following the sale, the insider now owns 54,516 shares in the company, valued at $6,684,751.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman David C. Parry sold 31,037 shares of Illinois Tool Works stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $124.26, for a total transaction of $3,856,657.62. Following the sale, the insider now owns 31,621 shares in the company, valued at approximately $3,929,225.46. The disclosure for this sale can be found here. Insiders have sold 74,599 shares of company stock worth $9,207,631 in the last quarter. Corporate insiders own 0.80% of the company’s stock.

Large investors have recently modified their holdings of the stock. Argent Trust Co purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $208,000. BlackRock Investment Management LLC increased its stake in shares of Illinois Tool Works by 1.0% in the second quarter. BlackRock Investment Management LLC now owns 673,011 shares of the company’s stock valued at $70,101,000 after buying an additional 6,641 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Illinois Tool Works by 4.3% in the second quarter. BlackRock Fund Advisors now owns 3,658,157 shares of the company’s stock valued at $381,034,000 after buying an additional 149,135 shares in the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Illinois Tool Works by 3.4% in the second quarter. Ameritas Investment Partners Inc. now owns 6,429 shares of the company’s stock valued at $669,000 after buying an additional 212 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in shares of Illinois Tool Works by 7.0% in the second quarter. Bank of Nova Scotia now owns 6,550 shares of the company’s stock valued at $682,000 after buying an additional 430 shares in the last quarter. Institutional investors own 75.43% of the company’s stock.

About Illinois Tool Works

Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.

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