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.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their price target on Illinois Tool Works from $259.00 to $268.00 and gave the company a hold rating in a research report on Thursday, July 18th. Truist Financial lowered their price target on Illinois Tool Works from $305.00 to $283.00 and set a buy rating on the stock in a research report on Tuesday, July 2nd. Barclays lowered their price target on Illinois Tool Works from $229.00 to $217.00 and set an underweight rating on the stock in a research report on Tuesday, June 4th. StockNews.com upgraded shares of Illinois Tool Works from a hold rating to a buy rating in a research note on Saturday, July 20th. Finally, Wells Fargo & Company reduced their target price on shares of Illinois Tool Works from $244.00 to $230.00 and set an underweight rating for the company in a research note on Wednesday, July 10th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of Hold and a consensus target price of $253.30.

Illinois Tool Works Price Performance

ITW traded up $2.18 during midday trading on Tuesday, reaching $250.20. 372,747 shares of the company’s stock were exchanged, compared to its average volume of 1,162,244. The firm has a market capitalization of $74.66 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 3.77 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 2.07. Illinois Tool Works has a one year low of $217.50 and a one year high of $271.15. The business has a 50-day simple moving average of $240.87 and a two-hundred day simple moving average of $251.25.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.35 by $0.09. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.33 earnings per share. As a group, research analysts predict that Illinois Tool Works will post 10.14 EPS for the current year.

Illinois Tool Works Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, June 28th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 55.23%.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company Profile

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.