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Truist initates Illinois Tool Works, Inc. (ITW) stock to a Buy

Illinois Tool Works, Inc.’s filing revealed that its Director SMITH DAVID BYRON JR acquired Company’s shares for reported $0.19 million on Jun 13 ’24. In the deal valued at $238.82 per share,775 shares were bought. As a result of this transaction, SMITH DAVID BYRON JR now holds 121,506 shares worth roughly $29.21 million.

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Then, Larsen Michael M sold 37,167 shares, generating $9,851,485 in total proceeds. Upon selling the shares at $265.06, the SVP & CFO now owns 46,404 shares.

Before that, Lawler Mary Katherine sold 11,647 shares. Illinois Tool Works, Inc. shares valued at $3,056,173 were divested by the SVP & Chief HR Officer at a price of $262.40 per share. As a result of the transaction, Lawler Mary Katherine now holds 25,562 shares, worth roughly $6.15 million.

Truist initiated its Illinois Tool Works, Inc. [ITW] rating to a Buy in a research note published on March 14, 2024; the price target was $301. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who decreased its forecast for the stock in early February from “an Equal weight” to “an Underweight”. BofA Securities also remained covering ITW and has decreased its forecast on January 10, 2024 with a “an Underperform” recommendation from previously “Neutral” rating. Vertical Research revised its rating on January 03, 2023. It rated ITW as “a Hold” which previously was an “a Buy”.

Price Performance Review of ITW

On Friday, Illinois Tool Works, Inc. [NYSE:ITW] saw its stock fall -1.20% to $240.40. Over the last five days, the stock has lost -0.08%. Illinois Tool Works, Inc. shares have fallen nearly -8.22% since the year began. Nevertheless, the stocks have fallen -1.85% over the past one year. While a 52-week high of $271.15 was reached on 03/22/24, a 52-week low of $217.50 was recorded on 06/14/24. SMA at 50 days reached $245.33, while 200 days put it at $247.77. A total of 1.8 million shares were traded, compared to the trading of 1.19 million shares in the previous session.

Levels Of Support And Resistance For ITW Stock

The 24-hour chart illustrates a support level at 238.85, which if violated will result in even more drops to 237.30. On the upside, there is a resistance level at 242.93. A further resistance level may holdings at 245.46. The Relative Strength Index (RSI) on the 14-day chart is 46.59, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.43, which suggests price will go up in the next trading period. Percent R suggests that price movement has been low at 32.11%. Stochastics %K at 78.14% indicates the stock is a holding.

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