Brokers Offer Predictions for Illinois Tool Works Inc.’s Q2 2024 Earnings (NYSE:ITW)

Illinois Tool Works Inc. (NYSE:ITWFree Report) – Analysts at Zacks Research reduced their Q2 2024 EPS estimates for shares of Illinois Tool Works in a research report issued to clients and investors 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 previous 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.

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

A number of other analysts have also recently weighed in on the stock. Citigroup increased their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Stifel Nicolaus lifted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Wells Fargo & Company lowered their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, Barclays reduced their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating for the company in a report on Thursday, May 2nd. Four research 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $257.78.

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Illinois Tool Works Price Performance

Shares of ITW opened at $250.29 on Tuesday. Illinois Tool Works has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a market cap of $74.69 billion, a P/E ratio of 24.68, a PEG ratio of 3.71 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The stock has a fifty day moving average price of $257.42 and a 200 day moving average price of $252.87.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ITW. Cornerstone Wealth Management LLC grew its holdings in shares of Illinois Tool Works by 2.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 1,507 shares of the industrial products company’s stock valued at $395,000 after acquiring an additional 41 shares in the last quarter. Summit Financial LLC boosted its holdings in shares of Illinois Tool Works by 1.6% in 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 last quarter. Hanson & Doremus Investment Management grew its stake in shares of Illinois Tool Works by 4.6% in the first quarter. Hanson & Doremus Investment Management now owns 958 shares of the industrial products company’s stock valued at $257,000 after buying an additional 42 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in Illinois Tool Works by 2.5% during the fourth quarter. Catalyst Financial Partners LLC now owns 1,767 shares of the industrial products company’s stock worth $463,000 after buying an additional 43 shares during the last quarter. Finally, First Pacific Financial raised its position in Illinois Tool Works by 1.3% during the first quarter. First Pacific Financial now owns 3,334 shares of the industrial products company’s stock worth $895,000 after acquiring an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

About Illinois Tool Works

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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.

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

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