Illinois Tool Works (NYSE:ITW) Director Ernest Scott Santi Sells 60,000 Shares of Company Stock

Illinois Tool Works Inc. (NYSE:ITW) Director Ernest Santi sold 60,000 shares of the business’s stock in a transaction that occurred 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 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 SEC, which is available 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 transaction of $11,894,425.79.

Illinois Tool Works Trading Down 1.6%

Shares of ITW stock opened at $280.93 on Friday. The stock’s fifty day simple moving average is $271.85 and its 200 day simple moving average is $271.40. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The company has a quick ratio of 0.94, a current ratio of 1.29 and a debt-to-equity ratio of 2.28. The firm has a market capitalization of $79.84 billion, a P/E ratio of 25.85, a P/E/G ratio of 3.18 and a beta of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.03. The company had revenue of $4.24 billion for 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%. Illinois Tool Works’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $2.81 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

Hedge Funds Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. B. Metzler seel. Sohn & Co. AG bought a new position in shares of Illinois Tool Works in the 2nd quarter worth about $5,017,000. Sanctuary Advisors LLC bought a new position in Illinois Tool Works in the second quarter worth approximately $14,028,000. Cibc World Market Inc. acquired a new stake in shares of Illinois Tool Works during the second quarter worth about $3,887,000. Sapient Capital LLC raised its stake in shares of 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 position in Illinois Tool Works in the 2nd quarter worth about $20,583,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. UBS Group set a $277.00 price objective on shares of Illinois Tool Works in a research note on Friday, October 9th. The Goldman Sachs Group reiterated a “sell” rating and issued a $270.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, October 27th. Weiss Ratings upgraded shares of Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 28th. JPMorgan Chase & Co. lowered shares of Illinois Tool Works from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $350.00 to $270.00 in a research report on Friday, October 9th. Finally, Robert W. Baird increased their price target on Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Illinois Tool Works has a consensus rating of “Reduce” and an average price target of $276.33.

About Illinois Tool Works

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.