Insider Selling: Illinois Tool Works (NYSE:ITW) Director Sells $17,572,200.00 in Stock

Illinois Tool Works Inc. (NYSE:ITW) Director Ernest Santi sold 60,000 shares of the business’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the sale, the director directly owned 266,333 shares of the company’s stock, valued at $78,000,945.71. This represents a 18.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Ernest Scott Santi also recently made the following trade(s):

• On Wednesday, August 19th, Ernest Santi sold 41,431 shares of Illinois Tool Works stock. The shares were sold at an average price of $287.09, for a total transaction of $11,894,425.79.

Illinois Tool Works Price Performance

ITW stock traded down $4.48 during trading on Friday, hitting $280.93. The stock had a trading volume of 1,730,859 shares, compared to its average volume of 1,387,991. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.29 and a quick ratio of 0.94. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The stock has a market capitalization of $79.84 billion, a P/E ratio of 25.04, a PEG ratio of 3.22 and a beta of 0.92. The company’s 50-day moving average price is $271.86 and its two-hundred day moving average price is $271.27.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, October 27th. The industrial products company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.03. The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.81 earnings per share. As a group, research analysts predict that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s payout ratio is presently 61.32%.

Hedge Funds Weigh In On Illinois Tool Works

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in shares of Illinois Tool Works by 4.0% during the 3rd quarter. Allworth Financial LP now owns 8,141 shares of the industrial products company’s stock worth $2,202,000 after acquiring an additional 312 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Illinois Tool Works by 0.7% in the third quarter. Fisher Asset Management LLC now owns 3,858,313 shares of the industrial products company’s stock valued at $992,667,000 after purchasing an additional 28,515 shares during the period. SVB Wealth LLC grew its holdings in shares of Illinois Tool Works by 12.1% in the third quarter. SVB Wealth LLC now owns 15,744 shares of the industrial products company’s stock valued at $4,051,000 after purchasing an additional 1,699 shares during the period. Russell Investments Group Ltd. increased its position in Illinois Tool Works by 35.8% during the third quarter. Russell Investments Group Ltd. now owns 143,220 shares of the industrial products company’s stock worth $36,871,000 after purchasing an additional 37,723 shares during the last quarter. Finally, PBU The Pension Fund of Early Childhood & Youth Educators increased its position in Illinois Tool Works by 3.6% during the third quarter. PBU The Pension Fund of Early Childhood & Youth Educators now owns 95,935 shares of the industrial products company’s stock worth $24,682,000 after purchasing an additional 3,369 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of a number of research reports. UBS Group set a $277.00 price objective on Illinois Tool Works in a report on Friday, October 9th. Robert W. Baird upped their target price on shares of Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Truist Financial reiterated a “hold” rating and issued a $293.00 target price (down from $297.00) on shares of Illinois Tool Works in a research report on Wednesday, October 28th. JPMorgan Chase & Co. downgraded shares of Illinois Tool Works from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating on the stock in a research report on Wednesday, September 30th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $276.33.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (NYSE: ITW) is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions.

ITW’s businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.

The company serves customers across North America, Europe, Asia, and other international markets through its manufacturing and sales operations.