Renaissance Technologies LLC Purchases New Stake in ITT Inc. (NYSE:ITT)
Renaissance Technologies LLC purchased a new stake in ITT Inc. (NYSE:ITT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 253,200 shares of the conglomerate’s stock, valued at approximately $10,386,000. Renaissance Technologies LLC owned 0.29% of ITT at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ITT. Ladenburg Thalmann Financial Services Inc. increased its position in 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 last quarter. Timber Hill LLC purchased a new position in ITT during the first quarter valued at $201,000. Coastline Trust Co purchased a new position in ITT during the first quarter valued at $205,000. Raymond James Financial Services Advisors Inc. purchased a new position in ITT during the first quarter valued at $214,000. Finally, Stephens Inc. AR purchased a new position in ITT during the first quarter valued at $222,000. Institutional investors own 92.60% of the company’s stock.
ITT Inc. (NYSE ITT) opened at 41.70 on Thursday. The firm has a 50-day moving average price of $39.94 and a 200 day moving average price of $40.56. ITT Inc. has a 52 week low of $31.08 and a 52 week high of $44.00. The company has a market cap of $3.70 billion, a P/E ratio of 19.22 and a beta of 1.47.
ITT (NYSE:ITT) last released its quarterly earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.04. ITT had a return on equity of 14.65% and a net margin of 8.04%. The business had revenue of $625.80 million during the quarter, compared to analyst estimates of $607.08 million. During the same quarter in the previous year, the company posted $0.59 earnings per share. ITT’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts expect that ITT Inc. will post $2.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Monday, June 12th were issued a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a yield of 1.23%. The ex-dividend date was Thursday, June 8th. ITT’s dividend payout ratio is presently 23.50%.
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Several research analysts have recently weighed in on the company. BidaskClub upgraded ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. TheStreet upgraded ITT from a “c+” rating to a “b” rating in a research note on Monday, March 27th. Stifel Nicolaus increased their price target on ITT from $49.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, May 9th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Finally, Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the stock. ITT presently has an average rating of “Buy” and an average price target of $46.57.
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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