Illinois Tool Works Inc. (NYSE:ITW) Expected to Earn Q2 2024 Earnings of $2.48 Per Share

Illinois Tool Works Inc. (NYSE:ITW - Free Report) - Equities researchers at Zacks Research reduced their Q2 2024 EPS estimates for Illinois Tool Works in a research report issued on Monday, May 13th. Zacks Research analyst A. Bhattacharjee now forecasts that the industrial products company will post earnings of $2.48 per share for the quarter, down from their prior forecast of $2.52. The consensus estimate for Illinois Tool Works' current full-year earnings is $10.24 per share. Zacks Research also issued estimates for Illinois Tool Works' Q3 2024 earnings at $2.61 EPS, FY2024 earnings at $10.10 EPS, Q1 2025 earnings at $2.54 EPS, Q2 2025 earnings at $2.63 EPS, Q3 2025 earnings at $2.76 EPS, Q4 2025 earnings at $2.73 EPS and Q1 2026 earnings at $2.71 EPS.

A number of other research analysts have also commented on the stock. Wells Fargo & Company dropped their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 1st. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Wednesday, May 1st. Truist Financial lifted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a "buy" rating in a research note on Wednesday, May 1st. Barclays dropped their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating on the stock in a research note on Thursday, May 2nd. Finally, Citigroup lifted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a "neutral" rating in a research note on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $257.78.

Illinois Tool Works Stock Performance

ITW traded down $0.91 on Tuesday, reaching $249.38. The company had a trading volume of 778,560 shares, compared to its average volume of 1,213,668. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The stock has a market capitalization of $74.41 billion, a PE ratio of 24.59, a P/E/G ratio of 3.71 and a beta of 1.14. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The stock has a 50-day moving average price of $257.24 and a 200-day moving average price of $253.06.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts' consensus estimates of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion during the quarter, compared to analysts' expectations of $4.03 billion. During the same period in the previous year, the company earned $2.33 earnings per share. Illinois Tool Works's quarterly revenue was down 1.1% compared to the same quarter last year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $5.60 annualized dividend and a yield of 2.25%. Illinois Tool Works's payout ratio is currently 55.23%.

Insiders Place Their Bets

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company's stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.26% of the stock is currently owned by company insiders.

Institutional Trading of Illinois Tool Works

Institutional investors and hedge funds have recently modified their holdings of the business. Cornerstone Wealth Management LLC grew its stake in shares of Illinois Tool Works by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company's stock worth $395,000 after purchasing an additional 41 shares in the last quarter. Summit Financial LLC increased its stake in Illinois Tool Works by 1.6% during the 4th quarter. Summit Financial LLC now owns 2,601 shares of the industrial products company's stock valued at $685,000 after buying an additional 41 shares during the period. Hanson & Doremus Investment Management raised its position in shares of Illinois Tool Works by 4.6% during the 1st quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company's stock worth $257,000 after buying an additional 42 shares in the last quarter. EP Wealth Advisors LLC lifted its stake in shares of Illinois Tool Works by 1.0% in the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company's stock worth $1,178,000 after acquiring an additional 42 shares during the period. Finally, Catalyst Financial Partners LLC boosted its holdings in shares of Illinois Tool Works by 2.5% in the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company's stock valued at $463,000 after acquiring an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.