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

Illinois Tool Works (NYSE:ITW) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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

Several brokerages have recently weighed in on ITW. Barclays increased their price target on Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a report on Tuesday, April 2nd. Truist Financial began coverage on Illinois Tool Works in a research report on Thursday, March 14th. They set a buy rating and a $301.00 target price for the company. Citigroup lifted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a report on Monday, April 8th. Bank of America downgraded shares of Illinois Tool Works from a neutral rating to an underperform rating and dropped their target price for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Finally, Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $257.00.

Illinois Tool Works Stock Down 0.7 %

Shares of ITW traded down $1.78 during mid-day trading on Tuesday, hitting $247.46. The company’s stock had a trading volume of 537,123 shares, compared to its average volume of 1,236,011. The company has a current ratio of 1.33, a quick ratio of 0.97 and a debt-to-equity ratio of 2.10. The company’s 50-day moving average is $259.95 and its 200-day moving average is $251.70. Illinois Tool Works has a 52-week low of $217.06 and a 52-week high of $271.15. The firm has a market capitalization of $73.93 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 3.65 and a beta of 1.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.01. The company had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. Illinois Tool Works’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.34 earnings per share. On average, equities research analysts forecast that Illinois Tool Works will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors 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 yield of 2.26%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 57.49%.

Insiders Place Their Bets

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction 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 transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is owned by corporate 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.