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

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

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent research reports. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Citigroup cut their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $272.67.

Hedge Funds Weigh In On Illinois Tool Works

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. increased its position in shares of Illinois Tool Works by 9.8% during the fourth quarter. First Horizon Advisors Inc. now owns 1,296 shares of the industrial products company’s stock worth $329,000 after acquiring an additional 116 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Illinois Tool Works by 6.0% during the 4th quarter. Pinnacle Financial Partners Inc now owns 5,019 shares of the industrial products company’s stock worth $1,278,000 after buying an additional 282 shares during the period. Sigma Planning Corp raised its stake in Illinois Tool Works by 11.7% in the 4th quarter. Sigma Planning Corp now owns 5,183 shares of the industrial products company’s stock valued at $1,314,000 after purchasing an additional 544 shares during the last quarter. Redmond Asset Management LLC acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at about $1,075,000. Finally, Turning Point Benefit Group Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $254,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

ITW stock opened at $255.58 on Tuesday. The firm has a market capitalization of $75.47 billion, a P/E ratio of 22.11, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The firm has a 50 day moving average of $262.05 and a 200-day moving average of $257.01. Illinois Tool Works has a 12 month low of $232.77 and a 12 month high of $279.13.

About Illinois Tool Works

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.