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 stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total value of $17,572,200.00. Following the sale, the director directly owned 266,333 shares in the company, valued at $78,000,945.71. This trade represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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 stock was sold at an average price of $287.09, for a total value of $11,894,425.79.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $4.48 during mid-day trading on Friday, reaching $280.93. The company’s stock had a trading volume of 1,730,859 shares, compared to its average volume of 1,387,991. Illinois Tool Works Inc. has a 12-month low of $238.82 and a 12-month high of $303.15. The firm’s fifty day moving average price is $271.86 and its two-hundred day moving average price is $271.27. The company has a current ratio of 1.29, a quick ratio of 0.94 and a debt-to-equity ratio of 2.28. The stock has a market cap of $79.84 billion, a P/E ratio of 25.04, a PEG ratio of 3.22 and a beta of 0.92.

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

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a $1.72 dividend. This represents a $6.88 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, December 31st. Illinois Tool Works’s payout ratio is 61.32%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Truist Financial reissued a “hold” rating and set a $293.00 price target (down from $297.00) on shares of Illinois Tool Works in a report on Wednesday, October 28th. Robert W. Baird lifted their price objective on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reduced their price objective on Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating for the company in a research report on Wednesday, September 30th. The Goldman Sachs Group reissued a “sell” rating and issued a $270.00 target price on shares of Illinois Tool Works in a report on Tuesday, October 27th. Finally, Weiss Ratings raised Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $276.33.

Hedge Funds Weigh In On Illinois Tool Works

Several institutional investors and hedge funds have recently bought and sold shares of ITW. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $5,017,000. Sanctuary Advisors LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter valued at approximately $14,028,000. Cibc World Market Inc. acquired a new stake in Illinois Tool Works in the 2nd quarter valued at $3,887,000. Sapient Capital LLC grew its stake in Illinois Tool Works by 227.7% in the 2nd quarter. Sapient Capital LLC now owns 13,611 shares of the industrial products company’s stock valued at $3,703,000 after acquiring an additional 9,457 shares during the period. Finally, Fidelity National Financial Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter worth $20,583,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

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.