Castleark Management LLC bought a new position in ITT Inc. (NYSE:ITT) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 340,595 shares of the conglomerate’s stock, valued at approximately $18,178,000. Castleark Management LLC owned 0.39% of ITT at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Macquarie Group Ltd. increased its stake in ITT by 1.0% during the 4th quarter. Macquarie Group Ltd. now owns 2,642,276 shares of the conglomerate’s stock valued at $141,018,000 after purchasing an additional 27,202 shares in the last quarter. Vident Investment Advisory LLC bought a new stake in shares of ITT in the fourth quarter worth approximately $370,000. Millennium Management LLC grew its stake in shares of ITT by 4.3% in the fourth quarter. Millennium Management LLC now owns 300,767 shares of the conglomerate’s stock worth $16,052,000 after acquiring an additional 12,348 shares during the period. Sciencast Management LP bought a new stake in shares of ITT in the fourth quarter worth approximately $406,000. Finally, Meadow Creek Investment Management LLC grew its stake in shares of ITT by 28.6% in the fourth quarter. Meadow Creek Investment Management LLC now owns 10,836 shares of the conglomerate’s stock worth $578,000 after acquiring an additional 2,408 shares during the period. 94.20% of the stock is owned by hedge funds and other institutional investors.
ITT has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Tuesday, January 2nd. Stifel Nicolaus restated a “buy” rating and set a $63.00 target price (up from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Oppenheimer reaffirmed a “buy” rating and set a $60.00 price target on shares of ITT in a report on Thursday, January 18th. UBS assumed coverage on shares of ITT in a report on Tuesday, January 23rd. They set a “sell” rating and a $55.00 price target on the stock. Finally, ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $56.78.
ITT stock traded down $1.54 during mid-day trading on Friday, reaching $49.04. 775,416 shares of the stock traded hands, compared to its average volume of 635,310. ITT Inc. has a one year low of $36.93 and a one year high of $57.62. The stock has a market capitalization of $4,461.16, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 1.64 and a beta of 1.55.
ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, February 16th. The conglomerate reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05. ITT had a net margin of 4.39% and a return on equity of 14.65%. The firm had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. During the same period in the prior year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. equities research analysts forecast that ITT Inc. will post 3.08 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Monday, March 12th were paid a $0.134 dividend. The ex-dividend date was Friday, March 9th. This is a positive change from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 dividend on an annualized basis and a yield of 1.09%. ITT’s dividend payout ratio is 20.85%.
ITT announced that its board has approved a stock buyback plan on Friday, February 16th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the conglomerate to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
In related news, CFO Thomas M. Scalera sold 9,215 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $49.77, for a total value of $458,630.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.
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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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