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

Illinois Tool Works Inc. (NYSE:ITWGet Free Report) was the recipient of a significant growth in short interest in 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 daily volume of 1,270,000 shares, the days-to-cover ratio is presently 5.5 days. Currently, 2.3% of the company’s stock are sold short.

Insider Buying and Selling at Illinois Tool Works

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

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors have recently added to or reduced their stakes in the company. Perigon Wealth Management LLC raised its stake in shares of Illinois Tool Works by 8.2% in the third quarter. Perigon Wealth Management LLC now owns 1,533 shares of the industrial products company’s stock worth $353,000 after acquiring an additional 116 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its position in shares of Illinois Tool Works by 7.6% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 2,112 shares of the industrial products company’s stock worth $486,000 after buying an additional 150 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Illinois Tool Works by 5.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 145,177 shares of the industrial products company’s stock valued at $33,436,000 after acquiring an additional 7,939 shares during the last quarter. New Mexico Educational Retirement Board raised its position in shares of Illinois Tool Works by 6.7% in the 3rd quarter. New Mexico Educational Retirement Board now owns 14,400 shares of the industrial products company’s stock valued at $3,316,000 after acquiring an additional 900 shares during the period. Finally, Tower Bridge Advisors boosted its stake in Illinois Tool Works by 2.4% during the 3rd quarter. Tower Bridge Advisors now owns 3,905 shares of the industrial products company’s stock worth $899,000 after acquiring an additional 91 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Up 0.3 %

Shares of Illinois Tool Works stock opened at $250.60 on Friday. Illinois Tool Works has a 52-week low of $217.06 and a 52-week high of $271.15. The firm has a market capitalization of $74.78 billion, a PE ratio of 24.71, a price-to-earnings-growth ratio of 3.70 and a beta of 1.14. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.32 and a quick ratio of 0.94. The company’s fifty day moving average price is $256.40 and its two-hundred day moving average price is $253.37.

Illinois Tool Works (NYSE:ITWGet Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter last year, the company earned $2.33 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts expect that Illinois Tool Works will post 10.24 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.40 per share. The ex-dividend date is Friday, June 28th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.23%. Illinois Tool Works’s payout ratio is presently 55.23%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Barclays dropped their target price on shares of Illinois Tool Works from $230.00 to $229.00 and set an “underweight” rating on the stock in a report on Thursday, May 2nd. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Truist Financial lifted their price objective on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company lowered their target price on Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a report on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.78.

View Our Latest Report on Illinois Tool Works

About Illinois Tool Works

(Get Free Report)

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.

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