Illinois Tool Works Inc. (NYSE:ITW) Short Interest Update

Illinois Tool Works Inc. (NYSE:ITW) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 6,700,000 shares, an increase of 10.0% from the September 15th total of 6,090,000 shares. Based on an average daily trading volume, of 896,600 shares, the days-to-cover ratio is currently 7.5 days. Currently, 2.3% of the company’s stock are sold short.

Illinois Tool Works Stock Performance

NYSE ITW traded down $1.32 during trading on Thursday, hitting $259.51. The company’s stock had a trading volume of 301,699 shares, compared to its average volume of 1,070,493. Illinois Tool Works has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a market cap of $77.44 billion, a P/E ratio of 25.72, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. The firm has a 50 day moving average price of $251.52 and a 200 day moving average price of $247.50. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. Equities research analysts forecast that Illinois Tool Works will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.31%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

Analyst Ratings Changes

A number of research firms recently commented on ITW. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial upped their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI cut their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $255.44.

Hedge Funds Weigh In On Illinois Tool Works

A number of hedge funds have recently made changes to their positions in ITW. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the second quarter worth about $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the first quarter valued at $34,000. Rise Advisors LLC acquired a new position in Illinois Tool Works during the first quarter worth $35,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

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.