Insider Sale Alert: Illinois Tool Works Inc. [ITW] – Is it Time to sell?


In a filing, Illinois Tool Works Inc. revealed its VP & Chief Accounting Officer SCHEUNEMAN RANDALL J unloaded Company’s shares for reported $1.3 million on Jun 12. In the deal valued at $239.23 per share,5,425 shares were sold. As a result of this transaction, SCHEUNEMAN RANDALL J now holds 8,870 shares worth roughly $ 2.15 million.

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Then, SANTI ERNEST SCOTT sold 235,656 shares, generating $58,040,211 in total proceeds. Upon selling the shares at $246.29, the Chairman & CEO now owns 213,538 shares.

Before that, O’HERLIHY CHRISTOPHER A sold 60,137 shares. Illinois Tool Works Inc. shares valued at $14,809,603 were divested by the Vice Chairman at a price of $246.26 per share. As a result of the transaction, O’HERLIHY CHRISTOPHER A now holds 40,072 shares, worth roughly $9.71 million.

Vertical Research downgraded its Illinois Tool Works Inc. [ITW] rating to a Hold from a a Buy in a research note published on Tuesday, January 03, 2023; the price target was decreased to $220 from $240. PT values the company’s stock at a premium of -10.16 to its Tuesday closing price.

Price Performance Review of ITW

On Tuesday, Illinois Tool Works Inc. [NYSE:ITW] saw its stock fall -2.03% to $242.35. On the same session, the stock had its day’s lowest price of $242.03, but rose to a high of $247.065. Over the last five days, the stock has lost -0.03%. Illinois Tool Works Inc. shares have risen nearly 10.01% since the year began. Nevertheless, the stocks have risen 22.87% over the past one year. While a 52-week high of $264.19 was reached on 07/31/23, a 52-week low of $180.27 was recorded on 06/01/23. SMA at 50 days reached $247.29, while 200 days put it at $235.18. A total of 1.0 million shares were traded, compared to the trading of 0.63 million shares in the previous session.

Levels Of Support And Resistance For ITW Stock

The 24-hour chart illustrates a support level at 240.57, which if violated will result in even more drops to 238.78. On the upside, there is a resistance level at 245.60. A further resistance level may holdings at 248.85. The Relative Strength Index (RSI) on the 14-day chart is 47.25, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 4.70, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 48.79%. Stochastics %K at 72.04% indicates the stock is a holding.

How much short interest is there in Illinois Tool Works Inc.?

A steep rise in short interest was recorded in Illinois Tool Works Inc. stocks on Aug 14, 2023, dropping by -0.19 million shares to a total of 6.44 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 6.63 million shares. There was a decline of -2.95%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.13% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.19.

Illinois Tool Works Inc. [ITW] – Who Are The Largest Shareholders?

In filings from Briar Hall Management LLC, it is revealed that the company now owns 26,163,424 shares, or roughly 8.61% of the outstanding ITW shares. Additionally, The Vanguard Group, Inc. decreased -2.92% of its stake after which the total value it holdings stand at $6,258,129,740. Over the last quarter, BlackRock Fund Advisors sold -173,652 shares of Illinois Tool Works Inc., while Northern Trust Investments, Inc. sold -251,067 shares. At present, SSgA Funds Management, Inc. is holding 12,107,105 shares valued at $3.19 billion. Charles Schwab Investment Managem owned 6,801,954 shares of the company at the time of its most recent 13F filing, worth $1.79 billion.

According to FactSet, Illinois Tool Works Inc.’s share price will average $248.14 in the next year, based on opinions of analysts polled by the firm. This is up nearly 1.06 percent from its previous closing price of $247.37. Analysts expect Illinois Tool Works Inc. stock to reach the higher price of $292.00, while the lowest price estimate is $188.00. However, 23 analysts have rated ITW stock as a Hold in their predictions for 2023.


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