Illinois Tool Works (NYSE:ITW) Releases FY 2024 Earnings Guidance

Illinois Tool Works (NYSE:ITW) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 10.300-10.700 for the period, compared to the consensus EPS estimate of 10.140. The company issued revenue guidance of $16.4 billion-$16.8 billion, compared to the consensus revenue estimate of $16.5 billion. Illinois Tool Works also updated its FY24 guidance to $10.30-10.70 EPS.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Illinois Tool Works from a hold rating to a buy rating in a research note on Wednesday. Truist Financial boosted their price objective on shares of Illinois Tool Works from $303.00 to $305.00 and gave the company a buy rating in a report on Wednesday. Citigroup lifted their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research report on Monday, April 8th. Stifel Nicolaus increased their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a report on Wednesday, April 17th. Finally, Bank of America downgraded Illinois Tool Works from a neutral rating to an underperform rating and decreased their target price for the stock from $260.00 to $235.00 in a report on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $257.78.

Illinois Tool Works Stock Performance

NYSE ITW traded down $0.12 during mid-day trading on Thursday, reaching $242.15. 822,873 shares of the stock were exchanged, compared to its average volume of 1,255,368. 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 business’s 50 day moving average is $259.40 and its 200-day moving average is $251.72. The company has a market capitalization of $72.34 billion, a P/E ratio of 23.87, a P/E/G ratio of 3.46 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $2.33 EPS. On average, equities research analysts forecast that Illinois Tool Works will post 10.5 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors 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 2.31%. Illinois Tool Works’s dividend payout ratio is currently 55.23%.

Insider Buying and Selling at Illinois Tool Works

In other news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction dated 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 directly 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 accessible through this link. In other news, EVP Sharon Szafranski sold 801 shares of Illinois Tool Works stock in a transaction on Monday, February 12th. The stock was sold at an average price of $256.42, for a total value of $205,392.42. Following the completion of the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $254.83, for a total value of $12,741,500.00. Following the completion of the sale, the chairman now directly owns 221,015 shares of the company’s stock, valued at $56,321,252.45. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 over the last ninety days. Corporate insiders own 0.88% 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.