Illinois Tool Works (NYSE:ITW) Announces Earnings Results

Illinois Tool Works (NYSE:ITW) posted its earnings results on Wednesday. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12, Briefing.com reports. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The business’s revenue was down 1.6% compared to the same quarter last year. Illinois Tool Works updated its FY 2024 guidance to 11.630-11.730 EPS.

Illinois Tool Works Stock Performance

Shares of ITW traded down $3.20 during trading hours on Thursday, hitting $261.13. The company’s stock had a trading volume of 1,262,297 shares, compared to its average volume of 1,065,863. The company has a market cap of $77.53 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The business has a 50 day simple moving average of $254.96 and a two-hundred day simple moving average of $247.27. Illinois Tool Works has a 52-week low of $221.82 and a 52-week high of $271.15.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.30%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.82%.

Wall Street Analyst Weigh In

Several equities analysts have commented on ITW shares. Evercore ISI dropped their target price 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. Stifel Nicolaus lifted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Truist Financial boosted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Barclays cut their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $254.90.

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.