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 business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $263.30, for a total transaction of $18,431,000.00. Following the completion of the sale, the director now directly owns 260,224 shares in the company, valued at approximately $68,516,979.20. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded down $1.25 during trading on Friday, reaching $264.30. The company had a trading volume of 918,393 shares, compared to its average volume of 965,335. The company has a fifty day moving average of $257.23 and a two-hundred day moving average of $258.12. The stock has a market capitalization of $77.57 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 4.52 and a beta of 1.11. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.99 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.41 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

Institutional Investors Weigh In On Illinois Tool Works

A number of institutional investors have recently made changes to their positions in ITW. Allspring Global Investments Holdings LLC boosted its stake in shares of Illinois Tool Works by 66.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 23,188 shares of the industrial products company’s stock valued at $6,077,000 after purchasing an additional 9,271 shares in the last quarter. Foundations Investment Advisors LLC boosted its stake in shares of Illinois Tool Works by 7.4% in the 3rd quarter. Foundations Investment Advisors LLC now owns 1,525 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 105 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Illinois Tool Works by 6.2% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 6,299 shares of the industrial products company’s stock valued at $1,651,000 after purchasing an additional 367 shares in the last quarter. Stanley Laman Group Ltd. purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at $233,000. Finally, Private Advisor Group LLC boosted its stake in shares of Illinois Tool Works by 3.5% in the 3rd quarter. Private Advisor Group LLC now owns 44,762 shares of the industrial products company’s stock valued at $11,731,000 after purchasing an additional 1,513 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of several research reports. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Wells Fargo & Company decreased their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft raised shares of Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 target price on the stock in a report on Wednesday. Finally, StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.