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 (EPS) guidance of 10.300-10.400 for the period, compared to the consensus 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.

Illinois Tool Works Price Performance

Shares of ITW traded down $1.36 during trading hours on Wednesday, reaching $247.98. 591,562 shares of the company’s stock traded hands, compared to its average volume of 1,168,211. The firm’s 50 day simple moving average is $240.87 and its 200-day simple moving average is $251.22. The stock has a market cap of $74.00 billion, a PE ratio of 24.63, a price-to-earnings-growth 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 company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.41 earnings per share. Equities analysts expect 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. Shareholders of record on Friday, June 28th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, June 28th. Illinois Tool Works’s dividend payout ratio is 55.23%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ITW. Stifel Nicolaus dropped their price target on Illinois Tool Works from $268.00 to $260.00 and set a hold rating for the company in a research note on Wednesday. Truist Financial lowered their price target on Illinois Tool Works from $283.00 to $281.00 and set a buy rating on the stock in a research report on Wednesday. Wells Fargo & Company raised their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an underweight rating in a research note on Wednesday. Jefferies Financial Group decreased their target price on Illinois Tool Works from $275.00 to $240.00 and set a hold rating for the company in a report on Thursday, July 11th. Finally, Barclays cut their price target on 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. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $253.20.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The shares were purchased at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.88% of the stock is 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.