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 earnings per share guidance of 10.300-10.700 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

ITW has been the topic of several research analyst reports. Bank of America lowered Illinois Tool Works from a neutral rating to an underperform rating and decreased their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Stifel Nicolaus increased their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a hold rating in a report on Wednesday, April 17th. Wells Fargo & Company cut shares of Illinois Tool Works from an equal weight rating to an underweight rating and decreased their price objective for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Citigroup raised 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. Finally, Barclays boosted their target price on Illinois Tool Works from $224.00 to $230.00 and gave the stock an underweight rating in a report on Tuesday, April 2nd. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Illinois Tool Works currently has an average rating of Hold and a consensus target price of $257.00.

Illinois Tool Works Trading Down 1.9 %

Shares of NYSE ITW traded down $4.66 during mid-day trading on Tuesday, hitting $244.58. The stock had a trading volume of 1,496,926 shares, compared to its average volume of 1,248,804. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. The business has a 50 day moving average price of $259.95 and a two-hundred day moving average price of $251.70. The firm has a market cap of $73.07 billion, a P/E ratio of 25.54, a price-to-earnings-growth ratio of 3.65 and a beta of 1.13. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.01. The business 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 company’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $2.34 EPS. On average, equities analysts anticipate that Illinois Tool Works will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a dividend of $1.40 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio is presently 57.49%.

Insiders Place Their Bets

In other news, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the transaction, the chief accounting officer now directly owns 8,870 shares of the company’s stock, valued at approximately $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chairman now owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,471 shares of company stock worth $48,712,316. Company insiders own 1.26% 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.