Illinois Tool Works (NYSE:ITW) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Illinois Tool Works (NYSE:ITW) released its earnings results on Tuesday. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09, Briefing.com reports. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the previous year, the business earned $2.33 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Illinois Tool Works updated its FY24 guidance to $10.30-10.70 EPS and its FY 2024 guidance to 10.300-10.700 EPS.

Illinois Tool Works Stock Down 0.5 %

Shares of NYSE:ITW traded down $1.17 during midday trading on Thursday, hitting $241.10. 125,051 shares of the company’s stock were exchanged, compared to its average volume of 1,246,795. Illinois Tool Works has a 12 month low of $217.06 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.97. The stock has a 50 day moving average price of $259.40 and a 200-day moving average price of $251.72. The company has a market cap of $72.03 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 3.46 and a beta of 1.14.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works’s payout ratio is 55.23%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ITW shares. Stifel Nicolaus raised 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. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company reduced their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research note on Wednesday. Bank of America lowered 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 research report on Wednesday, January 10th. Finally, Barclays upped their price objective 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. Four investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $257.89.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now directly owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Chairman Ernest Scott Santi sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael M. Larsen sold 37,167 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the completion of the transaction, the chief financial officer now owns 46,404 shares of the company’s stock, valued at $12,299,844.24. The disclosure for this sale can be found here. Insiders have sold 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.