What is Zacks Research’s Forecast for ITW FY2024 Earnings?

Illinois Tool Works Inc. (NYSE:ITW) – Investment analysts at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for Illinois Tool Works in a research note issued on Wednesday, November 13th. Zacks Research analyst A. Bhattacharjee now expects that the industrial products company will earn $10.11 per share for the year, up from their previous forecast of $10.06. The consensus estimate for Illinois Tool Works’ current full-year earnings is $10.12 per share. Zacks Research also issued estimates for Illinois Tool Works’ Q4 2024 earnings at $2.48 EPS, Q1 2025 earnings at $2.47 EPS, Q2 2025 earnings at $2.67 EPS, Q3 2025 earnings at $2.70 EPS, Q4 2025 earnings at $2.64 EPS, FY2025 earnings at $10.49 EPS, Q2 2026 earnings at $2.85 EPS, Q3 2026 earnings at $2.86 EPS and FY2026 earnings at $11.22 EPS.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the company earned $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis.

A number of other research firms have also weighed in on ITW. Truist Financial increased their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday. Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. lifted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $270.62 on Friday. The stock’s fifty day simple moving average is $260.09 and its 200 day simple moving average is $248.90. The stock has a market capitalization of $79.91 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 4.23 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. Illinois Tool Works has a 52-week low of $232.77 and a 52-week high of $277.58.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company’s stock worth $3,277,127,000 after buying an additional 149,272 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Illinois Tool Works by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after purchasing an additional 167,422 shares in the last quarter. Capital Research Global Investors lifted its stake in shares of Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after purchasing an additional 135,023 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after buying an additional 62,645 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

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.