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 firm’s stock in a transaction dated 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 approximately $78,000,945.71. This represents a 18.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 value of $11,894,425.79.

Illinois Tool Works Stock Performance

NYSE ITW opened at $280.93 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.29 and a debt-to-equity ratio of 2.28. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The business has a 50-day moving average price of $271.85 and a 200-day moving average price of $271.40. The firm has a market cap of $79.84 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 3.08 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.03. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The company 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 company earned $2.81 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities 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 announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a $1.72 dividend. 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 dividend payout ratio (DPR) is 61.32%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Citigroup lowered their price target on Illinois Tool Works from $317.00 to $310.00 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Deutsche Bank Aktiengesellschaft cut their price target on Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating on the stock in a research note on Wednesday, September 30th. The Goldman Sachs Group restated a “sell” rating and issued a $270.00 price objective on shares of Illinois Tool Works in a report on Tuesday, October 27th. Truist Financial restated a “hold” rating and issued a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a report on Wednesday, October 28th. Finally, Weiss Ratings raised shares of 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 assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $276.33.

Institutional Investors Weigh In On Illinois Tool Works

Several institutional investors have recently bought and sold shares of ITW. JFS Wealth Advisors LLC raised its stake in shares of Illinois Tool Works by 21.5% during the 2nd quarter. JFS Wealth Advisors LLC now owns 226 shares of the industrial products company’s stock worth $61,000 after buying an additional 40 shares during the period. Summit Wealth Group LLC Co. grew its stake in Illinois Tool Works by 3.4% in the 3rd quarter. Summit Wealth Group LLC Co. now owns 1,311 shares of the industrial products company’s stock valued at $337,000 after acquiring an additional 43 shares during the period. Cushing Capital Partners LLC grew its stake in Illinois Tool Works by 1.6% in the 3rd quarter. Cushing Capital Partners LLC now owns 2,939 shares of the industrial products company’s stock valued at $756,000 after acquiring an additional 46 shares during the period. UNIVEST FINANCIAL Corp increased its holdings in Illinois Tool Works by 3.0% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 1,593 shares of the industrial products company’s stock worth $410,000 after acquiring an additional 47 shares in the last quarter. Finally, MCF Advisors LLC increased its holdings in Illinois Tool Works by 2.1% in the 2nd quarter. MCF Advisors LLC now owns 2,281 shares of the industrial products company’s stock worth $620,000 after acquiring an additional 48 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

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.