Sciencast Management LP acquired a new position in shares of ITT Inc. (NYSE:ITT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,189 shares of the conglomerate’s stock, valued at approximately $406,000.
A number of other institutional investors have also recently modified their holdings of ITT. Creative Planning bought a new position in ITT in the fourth quarter valued at approximately $205,000. Alps Advisors Inc. acquired a new stake in ITT in the fourth quarter worth $209,000. AXA acquired a new stake in ITT in the fourth quarter worth $219,000. Burney Co. acquired a new stake in ITT in the fourth quarter worth $222,000. Finally, Portland Global Advisors LLC acquired a new stake in ITT in the fourth quarter worth $232,000. 94.20% of the stock is currently owned by hedge funds and other institutional investors.
ITT has been the topic 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 $62.00 price objective on the stock in a report on Thursday, January 18th. UBS started coverage on shares of ITT in a research report on Tuesday, January 23rd. They issued a “sell” rating and a $55.00 target price for the company. DA Davidson started coverage on shares of ITT in a research report on Wednesday, March 21st. They issued a “buy” rating and a $60.00 target price for the company. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $60.00 target price on shares of ITT in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. ITT presently has an average rating of “Hold” and an average target price of $56.78.
In related news, CFO Thomas M. Scalera sold 9,215 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $49.77, for a total transaction of $458,630.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is currently owned by insiders.
ITT stock traded down $1.54 during midday trading on Friday, hitting $49.04. The company’s stock had a trading volume of 775,416 shares, compared to its average volume of 635,310. ITT Inc. has a 1-year low of $36.93 and a 1-year high of $57.62. The stock has a market capitalization of $4,325.33, a price-to-earnings ratio of 18.93, a price-to-earnings-growth ratio of 1.59 and a beta of 1.55.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $683.60 million during the quarter, compared to analysts’ expectations of $635.71 million. ITT had a net margin of 4.39% and a return on equity of 14.65%. The business’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.48 EPS. equities analysts forecast that ITT Inc. will post 3.08 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Monday, March 12th were given a $0.134 dividend. The ex-dividend date of this dividend was Friday, March 9th. This is a boost from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a dividend yield of 1.09%. ITT’s payout ratio is presently 20.85%.
ITT declared that its board has initiated a share buyback program on Friday, February 16th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the conglomerate to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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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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