Illinois Tool Works Inc. Forecasted to Post Q3 2022 Earnings of $2.25 Per Share (NYSE:ITW)

Illinois Tool Works Inc. (NYSE:ITWGet Rating) – Research analysts at Jefferies Financial Group decreased their Q3 2022 earnings estimates for shares of Illinois Tool Works in a research report issued on Tuesday, August 2nd. Jefferies Financial Group analyst S. Volkmann now anticipates that the industrial products company will earn $2.25 per share for the quarter, down from their previous forecast 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 announced its earnings results on Tuesday, August 2nd. The industrial products company reported $2.37 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $3.98 billion. During the same period last year, the firm earned $2.10 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis.

Several other research firms have also issued reports on ITW. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Illinois Tool Works from $229.00 to $189.00 and set a “hold” rating on the stock in a research report on Wednesday, July 13th. UBS Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $243.00 to $185.00 in a research report on Friday, July 8th. JPMorgan Chase & Co. reduced 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 research report on Tuesday, July 12th. Citigroup increased their price target 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, Morgan Stanley increased their price target on shares of Illinois Tool Works from $182.00 to $191.00 and gave the stock an “underweight” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $204.00.

Illinois Tool Works Stock Up 0.6 %

Shares of 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 firm’s 50 day moving average is $191.92 and its 200-day moving average is $205.34. The stock has a market capitalization of $65.64 billion, a PE ratio of 25.00, a P/E/G ratio of 2.28 and a beta of 1.11. The company has a current ratio of 1.48, a quick ratio of 1.24 and a debt-to-equity ratio of 1.81.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently modified their holdings of ITW. Allspring Global Investments Holdings LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth $10,704,000. CWM LLC bought a new position in Illinois Tool Works during the fourth quarter worth $2,746,000. Centaurus Financial Inc. raised its stake in Illinois Tool Works by 6.1% during the fourth quarter. Centaurus Financial Inc. now owns 1,579 shares of the industrial products company’s stock worth $390,000 after buying an additional 91 shares during the last quarter. MainStreet Investment Advisors LLC raised its stake in Illinois Tool Works by 3.9% during the fourth quarter. MainStreet Investment Advisors LLC now owns 3,904 shares of the industrial products company’s stock worth $963,000 after buying an additional 148 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in Illinois Tool Works by 1.5% during the fourth quarter. Pinnacle Associates Ltd. now owns 9,025 shares of the industrial products company’s stock worth $2,227,000 after buying an additional 136 shares during the last quarter. Institutional investors and hedge funds own 79.03% of the company’s stock.

Insider Transactions at Illinois Tool Works

In other 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 transaction of $205,340.00. Following the transaction, the executive vice president now owns 7,803 shares in the company, valued at $1,602,268.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.78% of the stock is owned by company insiders.

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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