FY2022 EPS Estimates for Illinois Tool Works Inc. Cut by Analyst (NYSE:ITW)

Illinois Tool Works Inc. (NYSE:ITWGet Rating) – Research analysts at Seaport Res Ptn decreased their FY2022 earnings per share (EPS) estimates for Illinois Tool Works in a note issued to investors on Wednesday, August 3rd. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will earn $9.03 per share for the year, down from their prior estimate of $9.14. The consensus estimate for Illinois Tool Works’ current full-year earnings is $9.13 per share. Seaport Res Ptn also issued estimates for Illinois Tool Works’ Q4 2022 earnings at $2.34 EPS, Q4 2023 earnings at $2.52 EPS and FY2023 earnings at $9.45 EPS.

Several other brokerages have also issued reports on ITW. Robert W. Baird set a $213.00 price target on shares of Illinois Tool Works in a research note on Tuesday. Jefferies Financial Group reduced their target price on shares of Illinois Tool Works from $235.00 to $195.00 in a report on Friday, July 15th. Credit Suisse Group boosted their target price on shares of Illinois Tool Works from $225.00 to $229.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup upped their price objective on shares of Illinois Tool Works from $191.00 to $210.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $180.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $204.00.

Illinois Tool Works Trading Up 0.6 %

Shares of NYSE:ITW opened at $210.76 on Friday. Illinois Tool Works has a 12 month low of $173.52 and a 12 month high of $249.81. The company has a quick ratio of 1.24, a current ratio of 1.48 and a debt-to-equity ratio of 1.81. The company’s fifty day simple moving average is $191.92 and its 200 day simple moving average is $205.34. The firm has a market cap of $65.64 billion, a price-to-earnings ratio of 25.00, a PEG ratio of 2.28 and a beta of 1.11.

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

Institutional Trading of Illinois Tool Works

Several hedge funds and other institutional investors have recently bought and sold shares of ITW. Ritter Daniher Financial Advisory LLC bought a new stake in Illinois Tool Works during the fourth quarter valued at about $28,000. Allegheny Financial Group LTD purchased a new position in Illinois Tool Works during the fourth quarter valued at approximately $29,000. FSB Premier Wealth Management Inc. purchased a new position in Illinois Tool Works during the fourth quarter valued at approximately $32,000. Intelligent Financial Strategies purchased 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 purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 79.03% of the company’s stock.

Insider Buying and Selling

In other news, EVP Lei Zhang Schlitz sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $205.34, for a total transaction of $205,340.00. Following the completion of the sale, the executive vice president now owns 7,803 shares of the company’s stock, valued at approximately $1,602,268.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.78% of the stock is currently owned by company insiders.

About Illinois Tool Works

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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.

Further Reading

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

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