Illinois Tool Works (NYSE:ITW) Updates 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 guidance of $10.30-10.70 for the period, compared to the consensus earnings per share 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 0.2 %

Shares of Illinois Tool Works stock traded up $0.56 during trading hours on Thursday, reaching $242.83. The company’s stock had a trading volume of 579,895 shares, compared to its average volume of 1,252,928. Illinois Tool Works has a one year low of $217.06 and a one year high of $271.15. The company has a market capitalization of $72.54 billion, a P/E ratio of 23.94, a P/E/G ratio of 3.46 and a beta of 1.14. The stock’s fifty day simple moving average is $259.40 and its two-hundred day simple moving average is $251.72. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.97 and a current ratio of 1.32.

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

Illinois Tool Works Announces Dividend

The firm also recently declared 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 2.31%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Bank of America lowered shares of Illinois Tool Works from a neutral rating to an underperform rating and lowered their price target for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Citigroup upped their target price 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. Wells Fargo & Company decreased their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an underweight rating on the stock in a report on Wednesday. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. Finally, Barclays boosted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a research note on Tuesday, April 2nd. 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 company. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $257.89.

Insider Activity at Illinois Tool Works

In related news, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total transaction of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company’s stock, valued at approximately $1,505,185.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the firm’s stock in a transaction that occurred 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 accessible through this link. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by insiders.

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.