Tandem Investment Advisors Inc. reduced its stake in ITT Inc. (NYSE:ITT) by 4.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 43,183 shares of the conglomerate’s stock after selling 1,981 shares during the quarter. Tandem Investment Advisors Inc.’s holdings in ITT were worth $1,912,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Pinnacle Financial Partners Inc. acquired a new position in shares of ITT in the 2nd quarter worth approximately $105,000. Riverhead Capital Management LLC lifted its holdings in shares of ITT by 57.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after acquiring an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ITT by 10.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after acquiring an additional 314 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ITT in the 1st quarter worth approximately $214,000. Finally, Synovus Financial Corp lifted its holdings in shares of ITT by 2.6% in the 2nd quarter. Synovus Financial Corp now owns 5,489 shares of the conglomerate’s stock worth $222,000 after acquiring an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 92.58% of the company’s stock.
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Shares of ITT Inc. (NYSE ITT) traded up 0.65% during midday trading on Wednesday, hitting $46.78. 250,405 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $42.91 and its 200-day moving average is $40.89. ITT Inc. has a 1-year low of $32.46 and a 1-year high of $46.93. The stock has a market cap of $4.12 billion, a PE ratio of 20.03 and a beta of 1.48.
ITT (NYSE:ITT) last posted its earnings results on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02. ITT had a net margin of 8.64% and a return on equity of 14.17%. The business had revenue of $630.90 million for the quarter, compared to analysts’ expectations of $628.65 million. During the same period in the previous year, the company posted $0.67 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts predict that ITT Inc. will post $2.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be given a dividend of $0.128 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.10%. ITT’s payout ratio is currently 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.
Several brokerages have recently commented on ITT. Cowen and Company restated a “buy” rating and issued a $50.00 price objective on shares of ITT in a report on Thursday, September 21st. BidaskClub lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Deutsche Bank AG upgraded shares of ITT from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $55.00 in a report on Monday, October 9th. Finally, Robert W. Baird restated a “buy” rating and issued a $51.00 price objective on shares of ITT in a report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $48.50.
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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