Illinois Tool Works (NYSE:ITW) Issues FY 2024 Earnings Guidance

Illinois Tool Works (NYSE:ITW) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 10.300-10.700 for the period, compared to the consensus EPS estimate of 10.140. The company issued revenue guidance of $16.4 billion-$16.8 billion, compared to the consensus revenue estimate of $16.5 billion. Illinois Tool Works also updated its FY24 guidance to $10.30-10.70 EPS.

Analyst Ratings Changes

A number of research firms recently issued reports on ITW. Truist Financial upped their target price on Illinois Tool Works from $303.00 to $305.00 and gave the company a buy rating in a research note on Wednesday. Bank of America lowered Illinois Tool Works from a neutral rating to an underperform rating and reduced their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. StockNews.com raised Illinois Tool Works from a hold rating to a buy rating in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price target on Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research note on Wednesday. Four analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of Hold and a consensus price target of $257.78.

Illinois Tool Works Trading Down 0.0 %

Shares of ITW stock traded down $0.12 on Thursday, reaching $242.15. 822,873 shares of the stock were exchanged, compared to its average volume of 1,255,368. The stock has a market cap of $72.34 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 3.46 and a beta of 1.14. The company has a quick ratio of 0.97, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. The firm has a 50 day moving average of $259.40 and a two-hundred day moving average of $251.72. Illinois Tool Works has a 1-year low of $217.06 and a 1-year high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.33 EPS. On average, research analysts anticipate that Illinois Tool Works will post 10.5 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were issued a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a yield of 2.31%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Activity at Illinois Tool Works

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The disclosure for this sale can be found here. In the last three months, insiders sold 189,471 shares of company stock worth $48,712,316. Corporate insiders own 0.88% 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.