Brokers Issue Forecasts for Illinois Tool Works Inc.’s Q3 2022 Earnings (NYSE:ITW)

Illinois Tool Works Inc. (NYSE:ITWGet Rating) – Equities researchers at Jefferies Financial Group lowered their Q3 2022 EPS estimates for Illinois Tool Works in a research note issued to investors on Tuesday, August 2nd. Jefferies Financial Group analyst S. Volkmann now forecasts that the industrial products company will post earnings per share of $2.25 for the quarter, down from their previous estimate of $2.40. The consensus estimate for Illinois Tool Works’ current full-year earnings is $9.13 per share. Jefferies Financial Group also issued estimates for Illinois Tool Works’ Q4 2022 earnings at $2.34 EPS, FY2022 earnings at $9.07 EPS, Q1 2023 earnings at $2.20 EPS, Q2 2023 earnings at $2.40 EPS, Q3 2023 earnings at $2.50 EPS, Q4 2023 earnings at $2.45 EPS, FY2023 earnings at $9.55 EPS and FY2024 earnings at $9.50 EPS.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.22 by $0.15. The business had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the business posted $2.10 EPS.

ITW has been the topic of a number of other research reports. Morgan Stanley raised their target price on shares of Illinois Tool Works from $182.00 to $191.00 and gave the company an “underweight” rating in a research report on Wednesday. UBS Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and cut their target price for the company from $243.00 to $185.00 in a research report on Friday, July 8th. Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $206.00 to $163.00 in a research report on Monday, July 18th. Credit Suisse Group lifted their price target on shares of Illinois Tool Works from $225.00 to $229.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $255.00 to $215.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $204.00.

Illinois Tool Works Stock Performance

NYSE ITW opened at $210.76 on Friday. The company has a current ratio of 1.48, a quick ratio of 1.24 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $65.64 billion, a price-to-earnings ratio of 25.00, a P/E/G ratio of 2.28 and a beta of 1.11. The firm’s 50 day simple moving average is $191.92 and its 200 day simple moving average is $205.34. Illinois Tool Works has a 1 year low of $173.52 and a 1 year high of $249.81.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, EVP Lei Zhang Schlitz sold 1,000 shares of Illinois Tool Works stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total value of $205,340.00. Following the completion of the sale, the executive vice president now directly owns 7,803 shares of the company’s stock, valued at $1,602,268.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ritter Daniher Financial Advisory LLC purchased a new position in Illinois Tool Works in the fourth quarter valued at about $28,000. Allegheny Financial Group LTD bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $29,000. FSB Premier Wealth Management Inc. bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $32,000. Intelligent Financial Strategies bought a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $37,000. Finally, Capital Advisory Group Advisory Services LLC bought a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $31,000. 79.03% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Company Profile

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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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