Comerica Bank Acquires 74,782 Shares of ITT Inc. (ITT)
Comerica Bank raised its position in ITT Inc. (NYSE:ITT) by 46.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 237,330 shares of the conglomerate’s stock after buying an additional 74,782 shares during the period. Comerica Bank owned approximately 0.27% of ITT worth $9,897,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Legal & General Group Plc boosted its stake in shares of ITT by 13.2% in the second quarter. Legal & General Group Plc now owns 90,391 shares of the conglomerate’s stock worth $3,632,000 after buying an additional 10,528 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of ITT by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 1,139,690 shares of the conglomerate’s stock worth $45,795,000 after buying an additional 18,239 shares during the period. SG Americas Securities LLC boosted its stake in shares of ITT by 46.3% in the second quarter. SG Americas Securities LLC now owns 41,748 shares of the conglomerate’s stock worth $1,677,000 after buying an additional 13,213 shares during the period. State of Wisconsin Investment Board boosted its stake in shares of ITT by 190.4% in the second quarter. State of Wisconsin Investment Board now owns 17,691 shares of the conglomerate’s stock worth $711,000 after buying an additional 11,600 shares during the period. Finally, LMR Partners LLP acquired a new stake in shares of ITT during the second quarter worth $231,000. Institutional investors and hedge funds own 95.19% of the company’s stock.
Shares of ITT Inc. (NYSE ITT) opened at 39.40 on Friday. ITT Inc. has a 12-month low of $32.46 and a 12-month high of $44.00. The stock’s 50 day moving average is $40.96 and its 200-day moving average is $40.51. The stock has a market cap of $3.47 billion, a PE ratio of 16.87 and a beta of 1.47.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. ITT’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.67 EPS. Equities analysts expect that ITT Inc. will post $2.46 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be given a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a yield of 1.30%. The ex-dividend date is Friday, September 8th. ITT’s dividend payout ratio is presently 21.70%.
A number of equities research analysts have weighed in on the stock. Stifel Nicolaus restated a “buy” rating and issued a $49.00 price objective on shares of ITT in a report on Wednesday. BidaskClub cut shares of ITT from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research cut shares of ITT from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. ValuEngine upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) cut shares of ITT from a “buy” rating to a “neutral” rating and cut their price target for the company from $46.00 to $43.00 in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $46.29.
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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