Twin Capital Management Inc. trimmed its stake in ITT Inc (NYSE:ITT) by 6.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,860 shares of the conglomerate’s stock after selling 6,140 shares during the period. Twin Capital Management Inc. owned about 0.10% of ITT worth $5,557,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of ITT. Palladium Partners LLC boosted its position in shares of ITT by 5.1% during the 1st quarter. Palladium Partners LLC now owns 15,529 shares of the conglomerate’s stock worth $901,000 after purchasing an additional 750 shares in the last quarter. Artemis Investment Management LLP boosted its position in shares of ITT by 1.9% during the 2nd quarter. Artemis Investment Management LLP now owns 308,587 shares of the conglomerate’s stock worth $20,145,000 after purchasing an additional 5,900 shares in the last quarter. Marshall Wace North America L.P. boosted its position in shares of ITT by 149.8% during the 1st quarter. Marshall Wace North America L.P. now owns 3,300 shares of the conglomerate’s stock worth $191,000 after purchasing an additional 1,979 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of ITT by 365.1% during the 1st quarter. SG Americas Securities LLC now owns 48,123 shares of the conglomerate’s stock worth $2,791,000 after purchasing an additional 37,776 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in ITT by 106.5% in the 1st quarter. State of Alaska Department of Revenue now owns 19,160 shares of the conglomerate’s stock valued at $1,110,000 after acquiring an additional 9,880 shares in the last quarter. 89.74% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on the stock. Oppenheimer set a $72.00 price target on shares of ITT and gave the stock a “buy” rating in a research note on Friday, July 19th. ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Wednesday, June 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $66.20.
ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 2nd. The conglomerate reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.04. ITT had a net margin of 10.85% and a return on equity of 16.68%. The company had revenue of $719.90 million during the quarter, compared to analyst estimates of $703.80 million. During the same quarter last year, the business posted $0.82 EPS. As a group, equities research analysts forecast that ITT Inc will post 3.63 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th will be paid a $0.147 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.59 dividend on an annualized basis and a yield of 1.08%. ITT’s dividend payout ratio is 18.27%.
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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