1st Global Advisors Inc. boosted its stake in shares of ITT Inc. (NYSE:ITT) by 3.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,830 shares of the conglomerate’s stock after buying an additional 206 shares during the period. 1st Global Advisors Inc.’s holdings in ITT were worth $280,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the conglomerate’s stock valued at $131,000 after buying an additional 120 shares during the period. Tyers Asset Management LLC purchased a new stake in shares of ITT during the fourth quarter valued at $135,000. Elkfork Partners LLC purchased a new stake in shares of ITT during the fourth quarter valued at $185,000. Coastline Trust Co purchased a new stake in shares of ITT during the first quarter valued at $205,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of ITT by 4.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,808 shares of the conglomerate’s stock valued at $225,000 after buying an additional 260 shares during the period. 91.15% of the stock is currently owned by hedge funds and other institutional investors.
ITT Inc. (NYSE:ITT) remained flat at $38.97 during mid-day trading on Tuesday. The company had a trading volume of 427,895 shares. The firm has a market capitalization of $3.46 billion, a P/E ratio of 17.96 and a beta of 1.39. ITT Inc. has a 52 week low of $30.06 and a 52 week high of $44.00. The stock has a 50 day moving average of $40.46 and a 200 day moving average of $40.50.
ITT (NYSE:ITT) last released its earnings results on Monday, May 8th. The conglomerate reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.04. The company had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. ITT had a return on equity of 15.41% and a net margin of 7.93%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 EPS. On average, equities research analysts predict that ITT Inc. will post $2.42 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Monday, June 12th will be paid a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Thursday, June 8th. ITT’s dividend payout ratio (DPR) is currently 22.94%.
Several analysts recently weighed in on the stock. TheStreet raised shares of ITT from a “c+” rating to a “b” rating in a report on Monday, March 27th. Stifel Nicolaus raised their target price on shares of ITT from $49.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, May 9th. CIBC raised shares of ITT from a “market perform” rating to an “outperform” rating in a report on Thursday, February 16th. Finally, Oppenheimer Holdings Inc. raised shares of ITT from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Thursday, February 16th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $46.33.
In related news, insider Denise L. Ramos sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $41.00, for a total transaction of $3,075,000.00. Following the sale, the insider now directly owns 258,032 shares of the company’s stock, valued at approximately $10,579,312. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Denise L. Ramos sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $41.35, for a total value of $2,067,500.00. Following the sale, the chief executive officer now directly owns 308,032 shares in the company, valued at $12,737,123.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 153,089 shares of company stock valued at $6,294,149. Company insiders own 1.60% of the company’s stock.
ITT Company Profile
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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