Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Illinois Tool Works Inc. shares valued at $205,340 were sold by Schlitz Lei Zhang on May 11. At $205.34 per share, Schlitz Lei Zhang sold 1,000 shares. The insider’s holdings dropped to 7,803 shares worth approximately $1.5 million following the completion of this transaction.
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Also, SANTI ERNEST SCOTT sold 148,789 shares, netting a total of over 34,435,379 in proceeds. Following the sale of shares at $231.44 each, the insider now holds 203,032 shares.
Before that, Schlitz Lei Zhang had sold 8,800 shares from its account. In a trade valued at $2,122,208, the Executive Vice President traded Illinois Tool Works Inc. shares for $241.16 each. Upon closing the transaction, the insider’s holdings decreased to 8,800 shares, worth approximately $1.4 million.
Analysts at Deutsche Bank downgraded the stock from ‘”a Hold”‘ to ‘”a Sell”‘ outlook in a report released in mid August. As of July 08, 2022, UBS has decreased its “Buy” rating to a “Neutral” for ITW. Earlier on March 28, 2022, JP Morgan upgraded its rating. Their new recommendation was “an Overweight” for ITW stock which previously was a “a Neutral”.
Analyzing ITW’s Price Performance
On Wednesday, Illinois Tool Works Inc. [NYSE: ITW] plunged -1.09% to $192.72. The stock’s lowest price that day was $192.65, but it reached a high of $199.05 in the same session. During the last five days, there has been a drop of approximately -2.98%. Over the course of the year, Illinois Tool Works Inc. shares have dropped approximately -21.91%. Shares of the company reached a 52-week high of $249.81 on 01/05/22 and a 52-week low of $173.52 on 07/14/22. A 50-day SMA is recorded $200.89, while a 200-day SMA reached $211.05. Nevertheless, trading volume fell to 1.07 million shares from 0.89 million shares the previous day.
Support And Resistance Levels for Illinois Tool Works Inc. (ITW)
According to the 24-hour chart, there is a support level at 190.56, which, if violated, would cause prices to drop to 188.41. In the upper region, resistance lies at 196.96. The next price resistance is at 201.21. RSI (Relative Strength Index) is 39.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.85, which suggests the price will decrease in the coming days. Percent R is at 91.61%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Illinois Tool Works Inc. subject to short interest?
Stocks of Illinois Tool Works Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.78 million shares to 5.73 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 6.51 million shares. A decline of -13.61% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.95 of the overall float, the days-to-cover ratio (short ratio) decline to 4.95.
Which companies own the most shares of Illinois Tool Works Inc. (ITW)?
According to Briar Hall Management LLC filings, the company currently owns 25,831,684 shares, which is about 8.34% of the total ITW shares outstanding. With the completion of the sale transaction, The Vanguard Group, Inc.’s stake is now worth $4,711,317,883. A total of -64,728 shares of Illinois Tool Works Inc. were sold by Northern Trust Investments, Inc. during the quarter, and 187,268 were bought by SSgA Funds Management, Inc. In its current portfolio, Massachusetts Financial Services holds 6,561,381 shares valued at $1.28 billion.