Illinois Tool Works (NYSE:ITW) Issues Earnings Results

Illinois Tool Works (NYSE:ITW) posted its quarterly earnings data on Tuesday. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09, Briefing.com reports. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the business posted $2.41 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Illinois Tool Works updated its FY24 guidance to $10.30-10.40 EPS and its FY 2024 guidance to 10.300-10.400 EPS.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded down $2.06 on Wednesday, hitting $247.28. 1,812,518 shares of the company traded hands, compared to its average volume of 1,176,581. Illinois Tool Works has a 12-month low of $217.50 and a 12-month high of $271.15. The firm’s 50-day simple moving average is $240.85 and its 200 day simple moving average is $251.19. The company has a market cap of $73.79 billion, a P/E ratio of 24.39, a P/E/G ratio of 3.78 and a beta of 1.10. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. acquired 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday. Wells Fargo & Company increased their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday. Truist Financial lowered their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group cut their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $253.00.

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.