Illinois Tool Works Inc. (NYSE:ITW) Stock Holdings Reduced by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,967 shares of the industrial products company’s stock after selling 77 shares during the period. Peapack Gladstone Financial Corp’s holdings in Illinois Tool Works were worth $6,543,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in ITW. Wolverine Asset Management LLC bought a new stake in Illinois Tool Works in the third quarter worth $1,179,000. Daiwa Securities Group Inc. lifted its position in shares of Illinois Tool Works by 11.8% in the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after buying an additional 3,903 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after acquiring an additional 9,825 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of 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 acquiring an additional 308,935 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in shares of Illinois Tool Works by 787.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock valued at $48,945,000 after acquiring an additional 165,607 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $272.06 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The firm’s 50-day moving average is $267.20 and its 200-day moving average is $252.68. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The company has a market cap of $80.34 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent analyst reports. Citigroup upped their target price on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a research note on Wednesday. Barclays upgraded shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. Jefferies Financial Group boosted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company raised their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $267.90.

Illinois Tool Works 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.