Peapack Gladstone Financial Corp Has $6.05 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Peapack Gladstone Financial Corp lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 23,862 shares of the industrial products company’s stock after selling 1,105 shares during the period. Peapack Gladstone Financial Corp’s holdings in Illinois Tool Works were worth $6,051,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Wedbush Securities Inc. grew its holdings in shares of Illinois Tool Works by 1.8% during the 4th quarter. Wedbush Securities Inc. now owns 6,170 shares of the industrial products company’s stock worth $1,564,000 after purchasing an additional 112 shares in the last quarter. Aviva PLC boosted its stake in Illinois Tool Works by 6.6% during the fourth quarter. Aviva PLC now owns 178,803 shares of the industrial products company’s stock worth $45,337,000 after buying an additional 11,060 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Illinois Tool Works in the 4th quarter valued at $27,038,000. Pioneer Trust Bank N A OR raised its stake in shares of Illinois Tool Works by 8.4% in the 4th quarter. Pioneer Trust Bank N A OR now owns 31,083 shares of the industrial products company’s stock valued at $7,881,000 after buying an additional 2,404 shares in the last quarter. Finally, Smith Moore & CO. lifted its holdings in shares of Illinois Tool Works by 0.7% during the 4th quarter. Smith Moore & CO. now owns 17,212 shares of the industrial products company’s stock worth $4,364,000 after acquiring an additional 116 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent research reports. Truist Financial increased their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus cut their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research report on Thursday, February 6th. Barclays lowered their price target on Illinois Tool Works from $260.00 to $252.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 26th. Citigroup cut their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Finally, StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $268.30.

Illinois Tool Works Stock Down 5.9 %

Shares of NYSE:ITW opened at $225.25 on Monday. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The firm has a market cap of $66.08 billion, a P/E ratio of 19.22, a P/E/G ratio of 4.56 and a beta of 1.12. Illinois Tool Works Inc. has a 12 month low of $212.88 and a 12 month high of $279.13. The company’s 50-day moving average price is $256.77 and its two-hundred day moving average price is $260.49.

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

Illinois Tool Works Dividend Announcement

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

Insider Buying and Selling

In related news, CEO Christopher A. O’herlihy sold 48,453 shares of Illinois Tool Works stock in a transaction on Friday, March 7th. The stock was sold at an average price of $274.36, for a total transaction of $13,293,565.08. Following the completion of the sale, the chief executive officer now directly owns 55,113 shares of the company’s stock, valued at $15,120,802.68. The trade was a 46.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael M. Larsen sold 41,472 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 50,502 shares in the company, valued at $13,698,667.50. The trade was a 45.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 159,925 shares of company stock worth $42,973,845 over the last three months. 0.88% of the stock is currently owned by company insiders.

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.