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 $9,851,485 were sold by Larsen Michael M on Mar 14 ’24. At $265.06 per share, Larsen Michael M sold 37,167 shares. The insider’s holdings dropped to 46,404 shares worth approximately $12.03 million following the completion of this transaction.
Also, Lawler Mary Katherine sold 11,647 shares, netting a total of over 3,056,173 in proceeds. Following the sale of shares at $262.40 each, the insider now holds 25,562 shares.
Before that, SANTI ERNEST SCOTT had sold 45,676 shares from its account. In a trade valued at $11,698,595, the Chairman traded Illinois Tool Works, Inc. shares for $256.12 each. Upon closing the transaction, the insider’s holdings decreased to 45,676 shares, worth approximately $57.31 million.
As published in their initiating research note from Truist on March 14, 2024, Illinois Tool Works, Inc. [ITW] has been a Buy and the price target has been revised to $301. Analysts at Wells Fargo downgraded the stock from ‘”an Equal weight”‘ to ‘”an Underweight”‘ outlook in a report released in early February. As of January 10, 2024, BofA Securities has decreased its “Neutral” rating to a “an Underperform” for ITW. Earlier on January 03, 2023, Vertical Research downgraded its rating. Their new recommendation was “a Hold” for ITW stock which previously was a “a Buy”.
Analyzing ITW Stock Performance
During the last five days, there has been a drop of approximately -1.86%. Over the course of the year, Illinois Tool Works, Inc. shares have dropped approximately -1.01%. Shares of the company reached a 52-week high of $271.15 on 03/22/24 and a 52-week low of $249.24 on 02/01/24. A 50-day SMA is recorded $261.04, while a 200-day SMA reached $248.26. Nevertheless, trading volume fell to 0.76 million shares from 0.92 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 257.57, which, if violated, would cause prices to drop to 255.85. In the upper region, resistance lies at 261.15. The next price resistance is at 263.02. RSI (Relative Strength Index) is 40.46 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.62, which suggests the price will decrease in the coming days. Percent R is at 88.24%, indicating bearish price movement. Stochastics %K at buying 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 Mar 28, 2024 dropping by -0.72 million shares to 7.12 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 7.84 million shares. A decline of -10.11% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.3 of the overall float, the days-to-cover ratio (short ratio) decline to 4.3.
