Ernest Scott Santi Sells 70,000 Shares of Illinois Tool Works Inc. (NYSE:ITW) Stock

Illinois Tool Works Inc. (NYSE:ITW) Director Ernest Scott Santi sold 70,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total value of $18,431,000.00. Following the completion of the transaction, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Illinois Tool Works Stock Down 0.5 %

NYSE ITW opened at $264.30 on Friday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The stock has a market capitalization of $77.57 billion, a PE ratio of 22.55, a PEG ratio of 4.56 and a beta of 1.11. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. The business’s 50-day moving average is $257.08 and its 200 day moving average is $258.43.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 annualized dividend and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Institutional Trading of Illinois Tool Works

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pensionfund Sabic lifted its holdings in Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after buying an additional 2,000 shares during the period. Franklin Resources Inc. lifted its holdings in Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after buying an additional 398,676 shares during the period. Clark & Stuart Inc purchased a new stake in Illinois Tool Works in the fourth quarter worth about $1,729,000. Czech National Bank lifted its holdings in Illinois Tool Works by 5.9% in the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after buying an additional 3,227 shares during the period. Finally, Wolverine Asset Management LLC purchased a new stake in Illinois Tool Works in the third quarter worth about $1,179,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on ITW. Jefferies Financial Group increased their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Citigroup reduced their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Truist Financial raised their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company reduced their price objective on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $269.30.

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.