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

Illinois Tool Works (NYSE:ITW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $10.30-10.70 for the period, compared to the consensus EPS 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 Up 0.4 %

NYSE ITW opened at $249.24 on Tuesday. 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 has a market cap of $74.46 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 3.65 and a beta of 1.13. The company has a 50 day moving average of $259.95 and a 200-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 the consensus estimate 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 return on equity of 96.60% and a net margin of 18.36%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.34 EPS. On average, equities research analysts expect that Illinois Tool Works will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ITW. Wells Fargo & Company cut shares of Illinois Tool Works from an equal weight rating to an underweight rating and decreased their price objective for the company from $277.00 to $240.00 in a research note on Tuesday, February 6th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a report on Wednesday, April 17th. Citigroup raised their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the company a neutral rating in a research note on Monday, April 8th. Bank of America cut 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 report on Wednesday, January 10th. Finally, Barclays lifted their price target on Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research note on Tuesday, April 2nd. Four equities 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 company’s stock. Based on data from MarketBeat.com, Illinois Tool Works has a consensus rating of Hold and a consensus target price of $257.00.

Insiders Place Their Bets

In related 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 value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The transaction 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 firm’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 sale, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. Insiders sold 189,471 shares of company stock valued at $48,712,316 over the last three months. Insiders own 1.26% of the company’s stock.

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.