Illinois Tool Works Inc. (NYSE:ITW) Sees Significant Decrease in Short Interest

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) was the recipient of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 6,470,000 shares, a drop of 9.1% from the March 31st total of 7,120,000 shares. Currently, 2.2% of the shares of the stock are sold short. Based on an average trading volume of 1,320,000 shares, the days-to-cover ratio is currently 4.9 days.

Insider Activity

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the business's stock in a transaction that occurred on 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 completion of 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 available through this link. In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction dated 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 completion of the sale, the chairman now owns 221,015 shares of the company's stock, valued at $56,235,056.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Sharon Szafranski sold 801 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $256.42, for a total value of $205,392.42. Following the transaction, the executive vice president now owns 5,870 shares in the company, valued at $1,505,185.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,471 shares of company stock worth $48,712,316. 1.26% of the stock is currently owned by insiders.

Institutional Trading of Illinois Tool Works

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITW. Briaud Financial Planning Inc purchased a new position in shares of Illinois Tool Works during the 3rd quarter valued at about $25,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth approximately $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter worth $26,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the 4th quarter valued at $28,000. Finally, Security National Bank purchased a new position in shares of Illinois Tool Works during the 4th quarter valued at $28,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW traded up $0.96 during midday trading on Monday, reaching $249.24. 1,629,618 shares of the company's stock traded hands, compared to its average volume of 1,246,454. 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 one year low of $217.06 and a one year high of $271.15. The company has a market cap of $74.46 billion, a price-to-earnings ratio of 25.59, a P/E/G ratio of 3.65 and a beta of 1.13. The stock has a 50 day moving average of $260.04 and a 200 day moving average of $251.59.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.01. Illinois Tool Works had a net margin of 18.36% and a return on equity of 96.60%. The firm had revenue of $3.98 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the company earned $2.34 earnings per share. The firm's quarterly revenue was up .3% on a year-over-year basis. As a group, equities research analysts anticipate that Illinois Tool Works will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed 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 dividend yield of 2.25%. The ex-dividend date of this dividend was Wednesday, March 27th. Illinois Tool Works's payout ratio is 57.49%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ITW. Wells Fargo & Company cut Illinois Tool Works from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $277.00 to $240.00 in a report on Tuesday, February 6th. Citigroup boosted their price objective on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a "hold" rating in a research report on Wednesday, April 17th. Truist Financial assumed coverage on shares of Illinois Tool Works in a research note on Thursday, March 14th. They issued a "buy" rating and a $301.00 price target for the company. Finally, Barclays lifted their price objective on Illinois Tool Works from $224.00 to $230.00 and gave the company an "underweight" rating in a research report on Tuesday, April 2nd. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $257.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.