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

Illinois Tool Works (NYSE:ITW - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 10.300-10.700 for the period, compared to the consensus 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 subject of a number of analyst reports. Barclays increased their price target on Illinois Tool Works from $224.00 to $230.00 and gave the company an underweight rating in a research report on Tuesday, April 2nd. Truist Financial began coverage on shares of Illinois Tool Works in a report on Thursday, March 14th. They set a buy rating and a $301.00 price target on the stock. Citigroup lifted their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the stock a neutral rating in a research report on Monday, April 8th. 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 research report on Wednesday, April 17th. Finally, Wells Fargo & Company cut Illinois Tool Works from an equal weight rating to an underweight rating and cut their price objective for the stock from $277.00 to $240.00 in a research report on Tuesday, February 6th. Four equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $257.00.

Illinois Tool Works Stock Performance

ITW traded down $5.13 during trading hours on Tuesday, hitting $244.11. The stock had a trading volume of 2,396,398 shares, compared to its average volume of 1,260,638. The stock has a market cap of $72.93 billion, a PE ratio of 25.06, 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. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 2.10. The company's fifty day simple moving average is $259.72 and its 200 day simple moving average is $251.79.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The company had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the firm posted $2.34 earnings per share. The company's quarterly revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Friday, March 29th were given a $1.40 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works's dividend payout ratio (DPR) is currently 57.49%.

Insider Buying and Selling

In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 46,404 shares of the company's stock, valued at approximately $12,299,844.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Sharon Szafranski sold 801 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the sale, the executive vice president now directly owns 5,870 shares of the company's stock, valued at $1,505,185.40. The sale 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 the business's stock in a transaction that occurred 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 approximately $12,299,844.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,471 shares of company stock valued at $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.