Illinois Tool Works (ITW) to Release Quarterly Earnings on Tuesday

Illinois Tool Works (NYSE:ITW) will announce its earnings results before the market opens on Tuesday, April 30th. Analysts expect the company to announce earnings of $2.34 per share for the quarter. Illinois Tool Works has set its FY24 guidance at $10.00-10.40 EPS and its FY 2024 guidance at 10.000-10.400 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.01. The firm had revenue of $3.98 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. Illinois Tool Works’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.34 earnings per share. On average, analysts expect Illinois Tool Works to post $10 EPS for the current fiscal year and $11 EPS for the next fiscal year.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $248.28 on Friday. The company has a market capitalization of $74.17 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 3.65 and a beta of 1.13. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.97 and a current ratio of 1.33. Illinois Tool Works has a fifty-two week low of $217.06 and a fifty-two week high of $271.15. The stock has a fifty day moving average of $260.04 and a two-hundred day moving average of $251.49.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th 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 of this dividend was Wednesday, March 27th. Illinois Tool Works’s payout ratio is currently 57.49%.

Insider Activity at Illinois Tool Works

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at approximately $56,235,056.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total value of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares of the company’s stock, valued at approximately $56,235,056.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Randall J. Scheuneman sold 5,827 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.29, for a total transaction of $1,493,401.83. Following the completion of the transaction, the chief accounting officer now directly owns 8,870 shares in the company, valued at $2,273,292.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,471 shares of company stock valued at $48,712,316. 0.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ITW. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. Bank of America downgraded shares of Illinois Tool Works from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Truist Financial initiated coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 target price on the stock. Citigroup increased 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. Finally, Wells Fargo & Company cut shares of Illinois Tool Works from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $277.00 to $240.00 in a report on Tuesday, February 6th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $257.00.

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.