Illinois Tool Works (NYSE:ITW) Releases 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 Upgrades and Downgrades

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

Illinois Tool Works Stock Down 0.7 %

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

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

Illinois Tool Works Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.49%.

Insider Transactions at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated 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 completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Sharon Szafranski sold 801 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now owns 5,870 shares in the company, valued at approximately $1,505,185.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works 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 transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 189,471 shares of company stock valued at $48,712,316. 1.26% of the stock is currently 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.