ProShare Advisors LLC Decreases Holdings in ITT Inc. (ITT)
ProShare Advisors LLC lessened its holdings in ITT Inc. (NYSE:ITT) by 16.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,627 shares of the conglomerate’s stock after selling 1,315 shares during the quarter. ProShare Advisors LLC’s holdings in ITT were worth $266,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Pinnacle Financial Partners Inc. bought a new stake in shares of ITT in the second quarter valued at about $105,000. Riverhead Capital Management LLC boosted its position in shares of ITT by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after acquiring an additional 1,059 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of ITT by 10.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after acquiring an additional 314 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of ITT in the first quarter valued at about $214,000. Finally, Stephens Inc. AR bought a new stake in shares of ITT in the first quarter valued at about $222,000. 92.58% of the stock is owned by institutional investors.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.20% of the company’s stock.
Several equities research analysts recently weighed in on ITT shares. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Thursday. Cowen and Company reaffirmed a “buy” rating and set a $50.00 price objective on shares of ITT in a research report on Thursday, September 21st. BidaskClub cut shares of ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Deutsche Bank AG raised shares of ITT from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $55.00 in a research report on Monday. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $51.00 price objective on shares of ITT in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $48.50.
ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $628.65 million. During the same period in the prior year, the firm earned $0.67 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.128 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, December 7th. ITT’s payout ratio is currently 21.70%.
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.
Want to see what other hedge funds are holding ITT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ITT Inc. (NYSE:ITT).
Receive News & Stock Ratings for ITT Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT Inc. and related stocks with our FREE daily email newsletter.