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

Illinois Tool Works (NYSE:ITW) issued its quarterly earnings data on Tuesday. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09, Briefing.com reports. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.41 earnings per share. Illinois Tool Works updated its FY24 guidance to $10.30-10.40 EPS and its FY 2024 guidance to 10.300-10.400 EPS.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $2.06 during trading hours on Wednesday, hitting $247.28. 1,812,518 shares of the stock were exchanged, compared to its average volume of 1,176,581. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The stock has a market capitalization of $73.79 billion, a P/E ratio of 24.39, a P/E/G ratio of 3.78 and a beta of 1.10. Illinois Tool Works has a 12 month low of $217.50 and a 12 month high of $271.15. The business’s 50-day moving average is $240.85 and its two-hundred day moving average is $251.19.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 28th were given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday. Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Saturday, July 20th. Finally, Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $253.00.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.