Illinois Tool Works Inc. (NYSE:ITW) Sees Large Growth in Short Interest

Illinois Tool Works Inc. (NYSE:ITW) was the recipient of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 6,120,000 shares, an increase of 8.5% from the December 15th total of 5,640,000 shares. Based on an average daily volume of 845,800 shares, the days-to-cover ratio is presently 7.2 days. Currently, 2.1% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sugar Maple Asset Management LLC bought a new position in Illinois Tool Works during the 4th quarter valued at $28,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the second quarter worth about $30,000. True Wealth Design LLC increased its holdings in Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works during the third quarter valued at approximately $32,000. Finally, Ulland Investment Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.2 %

NYSE ITW opened at $256.50 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. Illinois Tool Works has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The business has a 50 day moving average price of $264.26 and a two-hundred day moving average price of $255.45. The stock has a market cap of $75.74 billion, a PE ratio of 22.19, a P/E/G ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the firm earned $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts predict that Illinois Tool Works will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday, January 14th. Citigroup decreased their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Finally, Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $270.11.

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.