Illinois Tool Works (NYSE:ITW) Releases FY24 Earnings Guidance

Illinois Tool Works (NYSE:ITW) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $10.30-10.70 for the period, compared to the consensus estimate of $10.13. The company issued revenue guidance of $16.43-16.75 billion, compared to the consensus revenue estimate of $16.50 billion. Illinois Tool Works also updated its FY 2024 guidance to 10.300-10.700 EPS.

Analyst Ratings Changes

A number of research firms have recently weighed in on ITW. StockNews.com upgraded shares of Illinois Tool Works from a hold rating to a buy rating in a research note on Wednesday. Citigroup lifted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research report on Monday, April 8th. Bank of America downgraded shares of Illinois Tool Works from a neutral rating to an underperform rating and cut their target price for the stock from $260.00 to $235.00 in a research report on Wednesday, January 10th. Barclays lifted their target price on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research report on Tuesday, April 2nd. Finally, Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $257.89.

Illinois Tool Works Stock Up 0.2 %

NYSE ITW traded up $0.56 during mid-day trading on Thursday, hitting $242.83. The company’s stock had a trading volume of 579,895 shares, compared to its average volume of 1,252,928. The company’s 50 day simple moving average is $259.40 and its 200 day simple moving average is $251.72. Illinois Tool Works has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.97 and a debt-to-equity ratio of 2.07. The firm has a market capitalization of $72.54 billion, a price-to-earnings ratio of 23.94, a PEG ratio of 3.46 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.33 EPS. Analysts anticipate that Illinois Tool Works will post 10.5 earnings per share 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. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,321,252.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Michael M. Larsen sold 37,167 shares of the business’s 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 sale, the chief financial officer now directly owns 46,404 shares in the company, valued at approximately $12,299,844.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at $56,321,252.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by insiders.

About Illinois Tool Works

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.