Illinois Tool Works (NYSE:ITW) Releases Earnings Results

Illinois Tool Works (NYSE:ITW) announced its quarterly earnings data on Wednesday. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12, Briefing.com reports. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm earned $2.55 EPS. The company’s revenue was down 1.6% on a year-over-year basis. Illinois Tool Works updated its FY 2024 guidance to 11.630-11.730 EPS.

Illinois Tool Works Trading Down 1.2 %

Shares of NYSE:ITW traded down $3.20 during midday trading on Thursday, reaching $261.13. 1,262,297 shares of the company’s stock were exchanged, compared to its average volume of 1,065,863. The firm’s 50 day simple moving average is $254.96 and its two-hundred day simple moving average is $247.27. Illinois Tool Works has a fifty-two week low of $221.82 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market cap of $77.53 billion, a price-to-earnings ratio of 25.90, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 58.82%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ITW. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday. Truist Financial increased their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Barclays reduced their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group lowered their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $254.90.

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.