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 Stock Up 0.8 %

ITW traded up $1.88 during mid-day trading on Friday, reaching $243.92. 909,430 shares of the stock were exchanged, compared to its average volume of 1,258,057. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32. The stock has a market capitalization of $72.87 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 3.48 and a beta of 1.14. The company has a 50 day moving average price of $259.07 and a two-hundred day moving average price of $251.66.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the company earned $2.33 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works will post 10.35 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a $1.40 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup boosted their price target on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a report on Monday, April 8th. StockNews.com raised shares of Illinois Tool Works from a hold rating to a buy rating in a research report on Wednesday. Bank of America cut shares of Illinois Tool Works from a neutral rating to an underperform rating and lowered their price target for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Barclays decreased their target price on Illinois Tool Works from $230.00 to $229.00 and set an underweight rating for the company in a research report on Thursday. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Illinois Tool Works presently has an average rating of Hold and a consensus target price of $257.78.

Insider Buying and Selling

In other Illinois Tool Works news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $256.42, for a total transaction of $205,392.42. Following the completion of the transaction, the executive vice president now owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sharon Szafranski sold 801 shares of the company’s 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 of the company’s stock, valued at $1,505,185.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total value of $9,851,485.02. Following the sale, the chief financial officer now directly 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. In the last quarter, insiders have sold 139,471 shares of company stock valued at $35,970,816. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Company Profile

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.