Illinois Tool Works Inc. (NYSE:ITW) Short Interest Update

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 7,120,000 shares, a decline of 5.7% from the March 15th total of 7,550,000 shares. Based on an average trading volume of 1,280,000 shares, the days-to-cover ratio is presently 5.6 days. Currently, 2.4% of the shares of the stock are short sold.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $2.66 during midday trading on Tuesday, reaching $251.17. 1,032,092 shares of the company were exchanged, compared to its average volume of 1,254,056. The company has a market capitalization of $75.03 billion, a price-to-earnings ratio of 25.79, a P/E/G ratio of 3.73 and a beta of 1.13. The firm's 50-day simple moving average is $260.84 and its 200-day simple moving average is $250.67. Illinois Tool Works has a 1 year low of $217.06 and a 1 year high of $271.15. 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 (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.41 by $0.01. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a return on equity of 96.60% and a net margin of 18.36%. The firm's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $2.34 EPS. On average, analysts anticipate that Illinois Tool Works will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Friday, March 29th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Wednesday, March 27th. Illinois Tool Works's dividend payout ratio (DPR) is presently 57.49%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ITW. Citigroup upped their price objective on Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a research note on Monday, April 8th. Wells Fargo & Company cut shares of Illinois Tool Works from an "equal weight" rating to an "underweight" rating and decreased their target price for the company from $277.00 to $240.00 in a research report on Tuesday, February 6th. Truist Financial started coverage on shares of Illinois Tool Works in a research report on Thursday, March 14th. They issued a "buy" rating and a $301.00 target price on the stock. Barclays boosted their price target on shares of Illinois Tool Works from $224.00 to $230.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 2nd. Finally, Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $260.00 to $235.00 in a research note on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $254.78.

Insiders Place Their Bets

In other news, Chairman Ernest Scott Santi sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now owns 221,015 shares of the company's stock, valued at approximately $56,235,056.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Illinois Tool Works news, CFO Michael M. Larsen sold 37,167 shares of the company's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total value of $9,851,485.02. Following the transaction, the chief financial officer now owns 46,404 shares of the company's stock, valued at approximately $12,299,844.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Ernest Scott Santi sold 50,000 shares of the company's stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total value of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares of the company's stock, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders have sold a total of 189,471 shares of company stock valued at $48,712,316 in the last quarter. 1.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Rockline Wealth Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at approximately $4,180,000. Wesbanco Bank Inc. grew its stake in Illinois Tool Works by 23.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 6,085 shares of the industrial products company's stock worth $1,401,000 after buying an additional 1,152 shares during the last quarter. Ziegler Capital Management LLC acquired a new position in Illinois Tool Works during the 4th quarter worth $224,000. DNB Asset Management AS boosted its position in Illinois Tool Works by 8.0% during the 4th quarter. DNB Asset Management AS now owns 135,552 shares of the industrial products company's stock worth $35,506,000 after acquiring an additional 10,062 shares during the period. Finally, BKM Wealth Management LLC acquired a new position in Illinois Tool Works during the 4th quarter worth $1,770,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.