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 also updated its FY 2024 guidance to 10.300-10.700 EPS.

Illinois Tool Works Trading Down 1.4 %

ITW traded down $3.61 during midday trading on Tuesday, reaching $245.63. 1,009,936 shares of the company’s stock traded hands, compared to its average volume of 1,243,196. The firm has a fifty day moving average of $259.95 and a two-hundred day moving average of $251.70. The stock has a market capitalization of $73.38 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 3.65 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.33 and a quick ratio of 0.97. Illinois Tool Works has a 52 week low of $217.06 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $3.98 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company earned $2.34 EPS. The business’s revenue was up .3% compared to the same quarter last year. On average, equities analysts anticipate that Illinois Tool Works will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Truist Financial assumed coverage on Illinois Tool Works in a research report on Thursday, March 14th. They set a buy rating and a $301.00 price objective for the company. Barclays raised their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research report on Tuesday, April 2nd. Citigroup increased their target price 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. Wells Fargo & Company downgraded 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 note on Tuesday, February 6th. Finally, Stifel Nicolaus increased their target price on 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 analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $257.00.

Insider Transactions at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on 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 transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on 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 transaction, the chief financial officer now directly owns 46,404 shares in the company, valued at $12,299,844.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction 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 transaction, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. 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 in the last ninety days. 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.