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Glenview, Illinois-based Illinois Tool Works Inc. manufactures and sells industrial products and equipment. Valued at $73.7 billion by market cap, the company provides industrial fluids and adhesives, tooling for specialty applications, welding products, and quality measurement equipment and systems.
Companies worth $10 billion or more are generally described as “large-cap stocks.” ITW effortlessly fits that bill, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the Specialty Industrial Machinery industry.
Illinois Tool Works drives strong financial performance through its diversified portfolio and agile, entrepreneurial culture. Its 80/20 operating process and customer-focused innovation fuel efficiency and growth, while its strategic portfolio management enhances its position in high-quality, niche markets.
Despite its notable strengths, ITW slipped 8.5% from its 4.9% gains during the same time frame.
In the longer term, shares of ITW dipped 5.3% on a YTD basis but climbed 4.5% over the past 52 weeks, underperforming XLI’s YTD gains of 13.4% and 22.8% returns over the last year.
To confirm the bearish trend, ITW has traded below its 200-day moving average recently. However, it is trading above its 50-day moving average since mid-August.
ITW's overall performance can be linked to slowing growth and challenges in the macroeconomic environment, exacerbated by negative impacts from foreign currency translation.
On Jul. 30, ITW shares closed up marginally after reporting its Q2 earnings results. Its revenue stood at $4 billion, down 1.2% year over year. Its EPS increased 2.4% year over year to $2.54. ITW lowered the top-end of its full-year EPS guidance and expects it to be between $10.30 and $10.40, an increase of 6% compared to the prior year at the midpoint. The company’s total revenues and organic revenues are expected to be flat.
In the competitive arena of Specialty Industrial Machinery, Parker-Hannifin Corporation has taken the lead over ITW, showing resilience with a 27.5% uptick on a YTD basis and solid 44.9% gains over the past 52 weeks.
Wall Street analysts are cautious about ITW’s prospects. The stock has a consensus “Hold” rating from the 17 analysts covering it. While ITW currently trades above its mean price target of $247.43, the Street-high price target of $281 suggests an upside potential of 13.2%
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Cimpress plc CMPR announced that it has commenced the offering of senior notes worth $525 million in aggregate principal amount. The senior notes due in 2032 will be offered through private placement.
It is worth mentioning here that the company’s shares lost 4.1% yesterday, ending the trading session at $80.23.
Inside the Headlines
With the completion of the notes offering, CMPR plans to amend its existing credit agreement by extending its revolving credit facility’s maturity and adjusting the interest rate relevant to any loans under this facility.
The company will use the net proceeds along with the cash on hand to fund the full redemption of its existing 7.0% senior notes due 2026. The net proceeds will also be used to pay all related fees and expenses associated with the offering and the amendment of the credit agreement.
We believe that the offering of senior notes will increase CMPR’s debts and, in turn, might inflate its financial obligations and hurt profitability. However, prepaying part of certain indebtedness will offer some relief. Exiting fourth-quarter fiscal 2024 (ended June 30, 2024), its long-term debt remained high at $1.6 billion.
CMPR’s Zacks Rank & Price Performance
Cimpress, with a $2 billion market capitalization, currently carries a Zacks Rank #3 (Hold). Strength across the Vista, National Pen and Upload & Print segments is supporting growth. The Vista unit is benefiting from new product introductions while growth in the e-commerce channel is driving the National Pen segment. Increasing order rate for products is aiding the Upload & Print unit. However, high debt levels are likely to weigh on the company in the quarters ahead.
CMPR’s shares have gained 28.2% in the past year compared with the industry’s 16.4% growth.
The Zacks Consensus Estimate for fiscal 2025 (ended June 2025) earnings per share has increased 3.8% to $4.40 in the past 60 days.
Stocks to Consider
Some better-ranked companies are discussed below.
H&R Block, Inc. HRB currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
HRB delivered a trailing four-quarter average earnings surprise of 10.8%. In the past 60 days, the Zacks Consensus Estimate for H&R Block’s fiscal 2025 earnings has increased 9.7%.
Monro, Inc. MNRO presently carries a Zacks Rank #2 (Buy). In the past 60 days, the Zacks Consensus Estimate for MNRO’s fiscal 2025 earnings has increased 28%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
The Middleby Corporation MIDD is poised to benefit from its focus on launching new products and upgrading existing ones per the industry trend. As for innovation, over the past year, the company introduced several products including MP Equipment, Blodgett ImVection, PIZZABOT and others. It is also gaining market share in new and large product categories, including beverage and ice.
The company remains focused on acquiring businesses to gain new customers and access new regions and product lines. In February 2024, it acquired Germany-based GBT GmbH Bakery. The buyout complemented Middleby’s existing bakery brands and strengthened its European presence in large-scale baking. Its acquisition of Trade-Wind Manufacturing in August 2023 strengthened its portfolio of indoor and outdoor residential cooking products.
Also, the buyout of TERRY Water Treatment Solutions in July 2023 bolstered the company’s commercial foodservice operations. In the second quarter of 2024, acquisitions had a positive impact of 0.3% on its sales growth.
Middleby’s sound liquidity position adds to its strength. It exited the second quarter with cash and cash equivalents of $459.5 million, higher than the current maturities of long-term debt of $44.3 million. This implies that MIDD has sufficient cash to meet its current debt obligations.
MIDD Stock’s Price Performance
In the past three months, the Zacks Rank #3 (Hold) company has gained 2.3% against the industry’s 0.3% decline.
However, lower demand for residential kitchen products due to weakness in the housing market is affecting the performance of the Residential Kitchen Equipment Group segment. This is reflected in the segment’s results, which declined 6.2% year over year in the second quarter of 2024. Also, softness in the restaurant industry, due to declining traffic and high wages, is affecting the demand for the company's products within the Commercial Foodservice Equipment Group segment. The segment’s revenues declined 4.1% year over year in the second quarter.
High debt level also remains a concern for MIDD. Exiting the second quarter, its long-term debt remained high at $2.36 billion. Also, the stock looks more leveraged than the industry. Its long-term debt/capital ratio is currently 0.41, higher than 0.33 of the industry.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
Zebra Technologies Corporation ZBRA has introduced three new solutions, namely, the Zebra Kiosk System, Zebra Workcloud Actionable Intelligence 7.0 and the ET6x Windows rugged tablets at the annual ZONE customer conference.
At Zebra Technologies’ ZONE event, retailers connect with customers, partners and prospects to explore industry challenges and opportunities with keynote presentations focusing on key topics, including inventory management, loss prevention and efficiency improvement. In this event, the company introduced its expanded range of integrated hardware and software solutions, utilizing AI, cloud and machine learning to enhance workflow efficiencies and elevate customer and associate experiences in modern retail environments.
ZBRA’s Kiosk System is a versatile, modular solution made to address self-service needs across retail and other sectors, anchored by the KC50 Android Kiosk Computer available in 15” and 22” screen sizes. This system, which includes tap-to-pay, works with all major payment terminals and has a voice assistant, thereby making checkout easier and allowing staff to focus on more important tasks. Built on Qualcomm’s advanced chipset and Zebra’s Enterprise Android platform with Mobility DNA, the product ensures seamless connectivity, security and management, with flexible deployment options and the ability to add components like barcode scanners, payment terminals or a TD50 15” touch display for a dual-display setup.
Zebra Workcloud Actionable Intelligence 7.0 brings a next-gen, AI-powered analytics platform tailored for the modern store, leveraging Google Cloud's serverless query engine for unmatched speed and performance. The update automates data analysis, task management and action verification, enabling users to quickly identify hidden insights and streamline workflows, ultimately enhancing productivity and uncovering opportunities beyond human detection.
The ET6x Windows rugged tablets, powered by Intel’s Core Ultra platform with a dedicated Neural Processing Unit, enhance AI capabilities across industries such as retail, logistics and field services. These advanced features improve performance and efficiency for various applications. The tablets also come with the Zebra Control Hub for streamlined configuration and management, featuring an advanced AI-enabled touchscreen for improved accuracy, AI-powered audio for better communication and flexible usage options.
ZBRA’s Zacks Rank and Price Performance
ZBRA currently carries a Zacks Rank #3 (Hold).
Zebra Technologies is focusing on advancing digital capabilities, optimizing the supply chain and expanding data analytics capabilities to engage with its customers. Higher sales of mobile computing products are supporting the Enterprise Visibility & Mobility segment’s sales.
In the past year, the company’s shares have gained 31.4% compared with the industry’s 23.1% growth.
Weak demand for printing solutions is affecting the company’s Asset Intelligence & Tracking segment. Low demand for RFID products is also concerning. High debt levels are also likely to raise the company’s financial obligations and hurt profitability. Given its diverse presence, forex woes remain concerning.
Stocks to Consider
Some better-ranked companies are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
3M Company MMM has been witnessing solid momentum in the Transportation and Electronics segment, driven by strength in electronics, automotive and aerospace, commercial branding and transportation end markets. Continued channel inventory normalization, supported by strong growth in electronics demand, is proving beneficial for the segment.
Solid momentum in the automotive electrification market and an increase in auto OEM (original equipment manufacturer) build rates are expected to augur well for the segment in the quarters ahead. The segment’s adjusted organic revenues grew 3.3% year over year in the second quarter of 2024.
The company intends to strengthen and expand its businesses through acquisitions. For instance, in April 2022, it acquired the technology assets of LeanTec. This strengthened its capability to deliver a more connected, digital body shop solution via its RepairStack Performance Solutions. Also, the company acquired M*Modal’s technology business in February 2019. The buyout expanded its capabilities in the Health Information Systems business. In the second quarter, acquisitions boosted net revenues by 1.3%.
3M remains committed to increasing shareholders’ value through dividend payments and share repurchases. For instance, in the first six months of 2024, it paid dividends worth $1.2 billion and repurchased shares for $421 million. At the end of the second quarter, the company had $3.8 billion remaining under the share repurchase program. Also, in February 2024, it hiked its quarterly dividend by 1%.
MMM’s Price Performance
In the past six months, shares of this Zacks Rank #3 (Hold) company have risen 31.8% against the industry’s 4.5% decline.
However, weakness in the consumer retail end markets, owing to a decrease in consumer discretionary spending, remains a concern. This is reflected in the Consumer segment’s revenues, which declined 2.4% in the second quarter. There was a particular weakness in packaging and expression as well as home and auto care businesses. The company expects consumer retail discretionary spending on hardline goods to remain muted for the rest of the year, which is likely to hurt its overall performance.
High debt levels have also been concerning. An elevated debt level raises financial obligations and is likely to drain profitability. 3M exited the second quarter with a long-term debt of $11.8 billion. Also, interest expenses in the second quarter remained high at $322 million, up 123.6% on a year-over-year basis.
Stocks to Consider
Some better-ranked stocks are discussed below.
Federal Signal Corporation FSS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Federal Signal delivered a trailing four-quarter average earnings surprise of 12.3%. In the past 60 days, the Zacks Consensus Estimate for FSS’ 2024 earnings has increased 5.2%.
Vector Group Ltd. VGR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 15.4%.
In the past 60 days, the Zacks Consensus Estimate for VGR’s 2024 earnings has increased 5.2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
Tetra Tech, Inc. TTEK recently announced that it has secured a $39.3 million contract from the United States Agency for International Development ("USAID"). The latest deal will involve the company supporting USAID’s Engendering Industries program.
As part of the single-award deal, Tetra Tech will work on enhancing gender equality and women’s economic empowerment opportunities in multiple industries throughout the world. These industries include water, infrastructure, power, transportation as well as information and communications technology.
Under the USAID Engendering Industries program, the company’s professionals will utilize data-driven change management tactics to help companies and organizations boost gender equality and economic opportunities for women globally. As part of the Engendering Industries program since 2018, TTEK has been offering technical support services to more than 68 organizations in 39 countries.
Tetra Tech’s Other Notable Contracts
Lately, Tetra Tech has received a series of deals, which are likely to drive its growth. In July 2024, the company received a $73 million deal from the USAID to enhance the availability of cost-effective and dependable electricity across 18 nations in West Africa. Also, in March 2024, it secured a $375 million multiple-award contract from National Aeronautics and Space Administration ("NASA"). Per the five-year contract, Tetra Tech will offer environmental restoration and compliance services at NASA facilities across the United States.
In January 2024, the company secured a $34 million contract from the USAID. Per the deal, TTEK will support the USAID Integrated Land and Resource Governance II project, which is aimed at promoting sustainable economic development through better land rights governance. Also, in the same month, it secured a $24 million, single-award deal from USAID to conserve biodiversity and natural resources in Cambodia.
TTEK’s Zacks Rank and Price Performance
Tetra Tech currently carries a Zacks Rank #2 (Buy). Shares of the company gained 50.1% in the past year against the industry‘s 11% decline.
Other Stocks to Consider
Other top-ranked companies from the same space are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 2.6%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.1%.
Zacks Investment Research
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