Illinois Tool Works (NYSE:ITW) Releases FY24 Earnings Guidance

Illinois Tool Works (NYSE:ITW) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.30-10.70 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ITW. Truist Financial started coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They issued a buy rating and a $301.00 target price for the company. Barclays upped their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research report on Tuesday, April 2nd. Wells Fargo & Company downgraded shares of Illinois Tool Works from an equal weight rating to an underweight rating and reduced their price target for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Bank of America downgraded shares of Illinois Tool Works from a neutral rating to an underperform rating and reduced their price target for the company from $260.00 to $235.00 in a research report on Wednesday, January 10th. Finally, Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a hold rating in a research report on Wednesday, April 17th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $257.00.

Illinois Tool Works Price Performance

NYSE ITW traded down $3.61 during trading hours on Tuesday, reaching $245.63. The company’s stock had a trading volume of 1,009,936 shares, compared to its average volume of 1,243,196. The stock has a market cap of $73.38 billion, a PE ratio of 25.54, a PEG ratio of 3.65 and a beta of 1.13. Illinois Tool Works has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The company’s 50-day moving average is $259.95 and its two-hundred day moving average is $251.70. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the company earned $2.34 EPS. Analysts forecast that Illinois Tool Works will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Friday, March 29th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 annualized dividend and a dividend yield of 2.28%. Illinois Tool Works’s dividend payout ratio is currently 57.49%.

Insider Buying and Selling

In related news, CFO Michael M. Larsen sold 37,167 shares of the firm’s stock in a transaction that occurred 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 $12,299,844.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction that occurred on Tuesday, February 6th. The shares were 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 $56,235,056.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares in the company, valued at approximately $12,299,844.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,471 shares of company stock valued at $48,712,316. Insiders own 1.26% 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.