Illinois Tool Works (NYSE:ITW) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Illinois Tool Works (NYSE:ITW) posted its quarterly earnings data on Tuesday. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09, Briefing.com reports. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.33 earnings per share. Illinois Tool Works updated its FY24 guidance to $10.30-10.70 EPS and its FY 2024 guidance to 10.300-10.700 EPS.

Illinois Tool Works Stock Up 0.8 %

Shares of ITW traded up $1.88 during trading hours on Friday, reaching $243.92. 909,430 shares of the stock traded hands, compared to its average volume of 1,257,819. 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 stock has a fifty day simple moving average of $259.07 and a 200 day simple moving average of $251.66. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15. The company has a market cap of $72.87 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.48 and a beta of 1.14.

Illinois Tool Works Dividend Announcement

The company also recently declared 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 dividend yield of 2.30%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 55.23%.

Insider Buying and Selling

In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $56,235,056.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company’s stock, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 139,471 shares of company stock worth $35,970,816. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ITW. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday. Citigroup increased 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 note on Monday, April 8th. Stifel Nicolaus increased 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 note on Wednesday, April 17th. Barclays dropped their price objective on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a research note on Thursday. Finally, Bank of America lowered shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $257.78.

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.