Boston Partners purchased a new position in ITT Inc (NYSE:ITT) during the 2nd quarter, Holdings Channel reports. The firm purchased 777,636 shares of the conglomerate’s stock, valued at approximately $40,647,000.
A number of other institutional investors and hedge funds have also made changes to their positions in ITT. Sei Investments Co. increased its holdings in shares of ITT by 4.8% during the second quarter. Sei Investments Co. now owns 228,554 shares of the conglomerate’s stock valued at $11,946,000 after acquiring an additional 10,505 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of ITT during the second quarter valued at about $1,233,000. Landmark Bank acquired a new position in shares of ITT during the second quarter valued at about $2,026,000. Mesirow Financial Investment Management Equity Management increased its holdings in shares of ITT by 7.3% during the second quarter. Mesirow Financial Investment Management Equity Management now owns 319,330 shares of the conglomerate’s stock valued at $16,692,000 after acquiring an additional 21,830 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of ITT by 4.5% during the second quarter. Victory Capital Management Inc. now owns 967,871 shares of the conglomerate’s stock valued at $50,591,000 after acquiring an additional 41,320 shares in the last quarter. Institutional investors own 91.38% of the company’s stock.
In related news, insider Victoria L. Creamer sold 7,640 shares of the stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $55.16, for a total value of $421,422.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.
ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.04. ITT had a net margin of 7.02% and a return on equity of 15.40%. The company had revenue of $696.80 million for the quarter, compared to the consensus estimate of $685.80 million. During the same quarter in the prior year, the company earned $0.55 EPS. ITT’s quarterly revenue was up 10.4% on a year-over-year basis. analysts expect that ITT Inc will post 3.14 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Monday, September 10th will be issued a $0.134 dividend. The ex-dividend date is Friday, September 7th. This represents a $0.54 annualized dividend and a yield of 0.90%. ITT’s dividend payout ratio (DPR) is presently 20.85%.
Several equities analysts have recently issued reports on the stock. Seaport Global Securities restated a “buy” rating and set a $69.00 price objective on shares of ITT in a report on Tuesday, August 7th. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Wednesday, August 8th. KeyCorp upped their price objective on shares of ITT from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, August 6th. DA Davidson set a $70.00 price objective on shares of ITT and gave the company a “buy” rating in a report on Monday, August 6th. Finally, Stifel Nicolaus upped their price objective on shares of ITT from $59.00 to $68.00 and gave the company a “buy” rating in a report on Monday, August 6th. One research analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $63.40.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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