ITT Inc. (ITT) Position Trimmed by Royal Bank of Canada
Royal Bank of Canada trimmed its holdings in shares of ITT Inc. (NYSE:ITT) by 2.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 556,344 shares of the conglomerate’s stock after selling 12,059 shares during the period. Royal Bank of Canada owned 0.63% of ITT worth $22,353,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in ITT. Pinnacle Financial Partners Inc. acquired a new stake in ITT during the 2nd quarter valued at $105,000. Riverhead Capital Management LLC increased its holdings in ITT by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 1,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ITT by 10.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after purchasing an additional 314 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in ITT during the 1st quarter valued at $214,000. Finally, Stephens Inc. AR acquired a new stake in ITT during the 1st quarter valued at $222,000. 92.58% of the stock is owned by hedge funds and other institutional investors.
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A number of research firms recently weighed in on ITT. Robert W. Baird reaffirmed a “buy” rating and set a $51.00 price target on shares of ITT in a report on Wednesday, October 4th. Cowen and Company reaffirmed a “buy” rating and set a $50.00 price target on shares of ITT in a report on Thursday, September 21st. Deutsche Bank AG raised ITT from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $55.00 in a report on Monday. Zacks Investment Research raised ITT from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Friday, July 28th. Finally, ValuEngine cut ITT from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $48.00.
Shares of ITT Inc. (NYSE:ITT) opened at 45.50 on Wednesday. The stock has a 50 day moving average price of $42.25 and a 200 day moving average price of $40.76. ITT Inc. has a 1-year low of $32.46 and a 1-year high of $46.76. The firm has a market capitalization of $4.00 billion, a PE ratio of 19.49 and a beta of 1.48.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.02. ITT had a return on equity of 14.17% and a net margin of 8.64%. The company had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. During the same period in the prior year, the company earned $0.67 EPS. ITT’s revenue was up .8% compared to the same quarter last year. Equities research analysts anticipate that ITT Inc. will post $2.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Monday, September 11th were paid a $0.128 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Friday, September 8th. ITT’s payout ratio is 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total value of $214,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.
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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