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

Illinois Tool Works (NYSE:ITW) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 11.630-11.730 for the period, compared to the consensus estimate of 10.280. The company issued revenue guidance of $16.1 billion-$16.1 billion, compared to the consensus revenue estimate of $16.1 billion.

Illinois Tool Works Stock Performance

NYSE:ITW traded up $5.49 during mid-day trading on Wednesday, hitting $261.53. The company’s stock had a trading volume of 466,795 shares, compared to its average volume of 1,059,265. The stock has a market cap of $77.65 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works has a 1 year low of $221.82 and a 1 year high of $271.15. The business’s fifty day moving average is $254.61 and its two-hundred day moving average is $247.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the firm earned $2.41 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 58.82%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial increased their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Jefferies Financial Group reduced their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Finally, Evercore ISI lowered their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $255.44.

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.