Quantitative Investment Management LLC purchased a new position in shares of ITT Inc. (NYSE:ITT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 70,400 shares of the conglomerate’s stock, valued at approximately $3,757,000. Quantitative Investment Management LLC owned about 0.08% of ITT as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Amalgamated Bank grew its holdings in shares of ITT by 6.0% during the 4th quarter. Amalgamated Bank now owns 17,939 shares of the conglomerate’s stock worth $957,000 after acquiring an additional 1,018 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in ITT by 2.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 49,605 shares of the conglomerate’s stock valued at $2,196,000 after acquiring an additional 1,166 shares in the last quarter. Bank of Montreal Can lifted its position in ITT by 1.2% in the 4th quarter. Bank of Montreal Can now owns 102,554 shares of the conglomerate’s stock valued at $5,473,000 after acquiring an additional 1,210 shares in the last quarter. Profund Advisors LLC lifted its position in ITT by 13.2% in the 4th quarter. Profund Advisors LLC now owns 10,672 shares of the conglomerate’s stock valued at $570,000 after acquiring an additional 1,243 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in ITT by 48.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,857 shares of the conglomerate’s stock valued at $259,000 after acquiring an additional 1,577 shares in the last quarter. 94.20% of the stock is owned by hedge funds and other institutional investors.
In other ITT 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.20% of the company’s stock.
NYSE ITT traded down $1.54 on Friday, hitting $49.04. The stock had a trading volume of 775,416 shares, compared to its average volume of 635,310. ITT Inc. has a 52-week low of $36.93 and a 52-week high of $57.62. The firm has a market capitalization of $4,461.16, a P/E ratio of 18.93, a P/E/G ratio of 1.64 and a beta of 1.55.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $683.60 million for the quarter, compared to analyst estimates of $635.71 million. ITT had a net margin of 4.39% and a return on equity of 14.65%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. analysts forecast that ITT Inc. will post 3.08 EPS for the current year.
ITT declared that its board has authorized a stock repurchase program on Friday, February 16th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the conglomerate to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 12th were given a $0.134 dividend. The ex-dividend date was Friday, March 9th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.09%. This is an increase from ITT’s previous quarterly dividend of $0.13. ITT’s dividend payout ratio is 20.85%.
Several equities analysts have recently weighed in on the company. UBS started coverage on ITT in a report on Tuesday, January 23rd. They set a “sell” rating and a $55.00 price target on the stock. Zacks Investment Research cut ITT from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Oppenheimer restated a “buy” rating and set a $60.00 price objective on shares of ITT in a research report on Thursday, January 18th. Finally, Stifel Nicolaus restated a “buy” rating and set a $63.00 price objective (up previously from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $56.78.
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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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