Short Interest in Illinois Tool Works Inc. (NYSE:ITW) Rises By 7.3%

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) was the target of a significant growth in short interest during the month of April. As of April 30th, there was short interest totalling 6,940,000 shares, a growth of 7.3% from the April 15th total of 6,470,000 shares. Based on an average trading volume of 1,270,000 shares, the days-to-cover ratio is presently 5.5 days. Approximately 2.3% of the shares of the stock are sold short.

Illinois Tool Works Stock Performance

ITW stock traded up $0.68 during mid-day trading on Thursday, hitting $249.77. The company had a trading volume of 1,036,567 shares, compared to its average volume of 1,210,030. Illinois Tool Works has a 12 month low of $217.06 and a 12 month high of $271.15. The stock's fifty day moving average price is $256.85 and its two-hundred day moving average price is $253.21. The firm has a market cap of $74.53 billion, a PE ratio of 24.57, a price-to-earnings-growth ratio of 3.71 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.35 by $0.09. Illinois Tool Works had a net margin of 19.07% and a return on equity of 97.82%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same period in the prior year, the firm earned $2.33 earnings per share. The company's revenue was down 1.1% compared to the same quarter last year. On average, analysts forecast that Illinois Tool Works will post 10.24 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Friday, June 28th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, June 28th. Illinois Tool Works's dividend payout ratio (DPR) is presently 55.23%.

Insider Activity at Illinois Tool Works

In related news, CFO Michael M. Larsen sold 37,167 shares of the firm's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $265.06, for a total transaction of $9,851,485.02. Following the sale, the chief financial officer now owns 46,404 shares of the company's stock, valued at approximately $12,299,844.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.88% of the stock is currently owned by insiders.

Institutional Trading of Illinois Tool Works

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating for the company in a research note on Wednesday, May 1st. Stifel Nicolaus upped their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a "hold" rating in a research report on Wednesday, April 17th. Citigroup lifted 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. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research report on Wednesday, May 1st. Finally, Barclays dropped their price target on Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating on the stock in a research note on Thursday, May 2nd. Four analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $257.78.

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.