Illinois Tool Works (NYSE:ITW) Issues FY 2024 Earnings Guidance

Illinois Tool Works (NYSE:ITW) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 10.300-10.400 for the period, compared to the consensus EPS estimate of 10.350. The company issued revenue guidance of $16.1 billion-$16.1 billion, compared to the consensus revenue estimate of $16.3 billion. Illinois Tool Works also updated its FY24 guidance to $10.30-10.40 EPS.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a hold rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an overweight rating in a research note on Wednesday. Barclays lowered their target price on shares of Illinois Tool Works from $229.00 to $217.00 and set an underweight rating on the stock in a research note on Tuesday, June 4th. Truist Financial lowered their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a buy rating on the stock in a research note on Wednesday. Finally, Jefferies Financial Group lowered their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a hold rating on the stock in a research note on Thursday, July 11th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of Hold and an average price target of $253.20.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded down $1.36 on Wednesday, hitting $247.98. The stock had a trading volume of 591,562 shares, compared to its average volume of 1,168,211. Illinois Tool Works has a twelve month low of $217.50 and a twelve month high of $271.15. 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 firm’s 50 day moving average price is $240.87 and its 200-day moving average price is $251.22. The company has a market capitalization of $74.00 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 3.78 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the firm earned $2.41 EPS. The company’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works will post 10.14 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Friday, June 28th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend 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%.

Insider Activity

In other news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the transaction, the director now directly owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.