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

Illinois Tool Works (NYSE:ITW) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Stock Performance

NYSE ITW opened at $249.24 on Tuesday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. The company has a market cap of $74.46 billion, a P/E ratio of 25.59, a P/E/G ratio of 3.65 and a beta of 1.13. The stock has a 50-day moving average of $259.95 and a two-hundred day moving average of $251.70. 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 announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 earnings per share. As a group, analysts anticipate that Illinois Tool Works will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research note on Monday, April 8th. Wells Fargo & Company lowered Illinois Tool Works from an equal weight rating to an underweight rating and cut their price target for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Truist Financial started coverage on Illinois Tool Works in a research report on Thursday, March 14th. They issued a buy rating and a $301.00 price target on the stock. Bank of America lowered shares of Illinois Tool Works from a neutral rating to an underperform rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Illinois Tool Works has a consensus rating of Hold and an average target price of $257.00.

Insider Buying and Selling

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following 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 Securities & Exchange Commission, which can be accessed through the SEC website. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now owns 8,870 shares in the company, valued at approximately $2,273,292.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chairman now owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock worth $48,712,316 over the last quarter. 1.26% of the stock is owned by company insiders.

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.