ITT Inc. (ITT) Holdings Trimmed by 1st Global Advisors Inc.
1st Global Advisors Inc. lessened its holdings in ITT Inc. (NYSE:ITT) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,776 shares of the conglomerate’s stock after selling 54 shares during the quarter. 1st Global Advisors Inc.’s holdings in ITT were worth $272,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Financial Partners Inc. acquired a new stake in ITT in the second quarter worth about $105,000. Riverhead Capital Management LLC boosted its holdings in ITT by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after acquiring an additional 1,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in ITT by 10.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after acquiring an additional 314 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in ITT in the first quarter worth about $214,000. Finally, Synovus Financial Corp boosted its holdings in ITT by 2.6% in the second quarter. Synovus Financial Corp now owns 5,489 shares of the conglomerate’s stock worth $222,000 after acquiring an additional 138 shares in the last quarter. 92.58% of the stock is owned by institutional investors and hedge funds.
ITT has been the subject of several recent analyst reports. ValuEngine raised ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. BidaskClub raised ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research raised ITT from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Tuesday, July 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 target price on shares of ITT in a report on Wednesday, August 16th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $50.00 target price on shares of ITT in a report on Thursday, September 21st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $48.50.
Shares of ITT Inc. (NYSE ITT) opened at 46.60 on Friday. The company’s 50 day moving average price is $43.61 and its 200-day moving average price is $41.06. ITT Inc. has a 12-month low of $32.46 and a 12-month high of $46.80. The firm has a market cap of $4.10 billion, a P/E ratio of 19.96 and a beta of 1.48.
ITT (NYSE:ITT) last announced its earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. ITT had a return on equity of 14.17% and a net margin of 8.64%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.67 EPS. On average, equities research analysts anticipate that ITT Inc. will post $2.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be given a $0.128 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.10%. ITT’s dividend payout ratio (DPR) is presently 21.70%.
In related news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction dated 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 is available through the SEC website. 1.20% of the stock is owned by corporate insiders.
ITT Company Profile
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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