Illinois Tool Works Inc. (NYSE:ITW) Position Decreased by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,862 shares of the industrial products company’s stock after selling 1,105 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Illinois Tool Works were worth $6,051,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ITW. Norges Bank acquired a new stake in shares of Illinois Tool Works during the 4th quarter valued at $806,291,000. Raymond James Financial Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter valued at $203,949,000. Proficio Capital Partners LLC boosted its position in shares of Illinois Tool Works by 36,632.9% in the 4th quarter. Proficio Capital Partners LLC now owns 438,591 shares of the industrial products company’s stock valued at $111,209,000 after purchasing an additional 437,397 shares during the period. Franklin Resources Inc. increased its stake in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Illinois Tool Works by 318.9% during the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after buying an additional 308,935 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Michael M. Larsen sold 41,472 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $271.25, for a total value of $11,249,280.00. Following the completion of the sale, the chief financial officer now directly owns 50,502 shares in the company, valued at approximately $13,698,667.50. The trade was a 45.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Christopher A. O’herlihy sold 48,453 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the transaction, the chief executive officer now owns 55,113 shares in the company, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 159,925 shares of company stock worth $42,973,845. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Trading Down 5.9 %

Shares of NYSE ITW opened at $225.25 on Monday. The business has a 50 day simple moving average of $256.77 and a 200 day simple moving average of $260.49. Illinois Tool Works Inc. has a 52 week low of $212.88 and a 52 week high of $279.13. The stock has a market cap of $66.08 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 4.56 and a beta of 1.12. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.99 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.94% and a return on equity of 95.39%. On average, research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ITW. JPMorgan Chase & Co. dropped their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Citigroup lowered their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research report on Monday, January 13th. Barclays reduced their target price on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating for the company in a report on Wednesday, March 26th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Stifel Nicolaus reduced their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $268.30.

Illinois Tool Works Company Profile

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.