Canada Pension Plan Investment Board Has $1.69 Million Position in ITT Inc. (ITT)
Canada Pension Plan Investment Board reduced its position in shares of ITT Inc. (NYSE:ITT) by 67.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,200 shares of the conglomerate’s stock after selling 83,696 shares during the period. Canada Pension Plan Investment Board’s holdings in ITT were worth $1,690,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Philadelphia Trust Co. increased its position in shares of ITT by 763.1% in the fourth quarter. Philadelphia Trust Co. now owns 170,816 shares of the conglomerate’s stock worth $6,588,000 after buying an additional 151,025 shares during the last quarter. Envestnet Asset Management Inc. increased its position 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 worth $225,000 after buying an additional 260 shares during the last quarter. Teachers Advisors LLC increased its position in shares of ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock worth $43,226,000 after buying an additional 219,763 shares during the last quarter. First Citizens Bank & Trust Co. bought a new position in shares of ITT during the first quarter worth about $316,000. Finally, Janus Capital Management LLC increased its position in shares of ITT by 22.4% in the fourth quarter. Janus Capital Management LLC now owns 2,697,341 shares of the conglomerate’s stock worth $104,037,000 after buying an additional 493,695 shares during the last quarter. 91.15% of the stock is owned by institutional investors.
ITT Inc. (NYSE:ITT) opened at 38.97 on Wednesday. The stock’s 50 day moving average price is $40.43 and its 200 day moving average price is $40.54. ITT Inc. has a 52 week low of $30.06 and a 52 week high of $44.00. The firm has a market capitalization of $3.46 billion, a P/E ratio of 17.96 and a beta of 1.39.
ITT (NYSE:ITT) last posted its quarterly earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.04. ITT had a return on equity of 15.41% and a net margin of 7.93%. The firm had revenue of $625.80 million for the quarter, compared to the consensus estimate of $607.08 million. During the same period in the previous year, the business earned $0.59 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities analysts expect that ITT Inc. will post $2.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be paid a $0.128 dividend. The ex-dividend date is Thursday, June 8th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.31%. ITT’s dividend payout ratio (DPR) is presently 22.94%.
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ITT has been the subject of a number of analyst reports. TheStreet downgraded ITT from a “b” rating to a “c+” rating in a report on Tuesday, February 14th. CIBC raised ITT from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 16th. Oppenheimer Holdings Inc. raised ITT from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Thursday, February 16th. Finally, Stifel Nicolaus upped their target price on ITT from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, February 15th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. ITT presently has an average rating of “Buy” and a consensus price target of $46.33.
In related news, insider Denise L. Ramos sold 75,000 shares of ITT stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $41.00, for a total value of $3,075,000.00. Following the sale, the insider now directly owns 258,032 shares in the company, valued at $10,579,312. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Denise L. Ramos sold 50,000 shares of ITT 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 completion of the sale, the chief executive officer now 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 90 days, insiders sold 153,089 shares of company stock worth $6,294,149. Company insiders own 1.60% of the company’s stock.
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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