Gabelli Funds LLC cut its holdings in ITT Inc. (NYSE:ITT) by 7.7% in the 1st quarter, Holdings Channel reports. The fund owned 538,000 shares of the conglomerate’s stock after selling 45,000 shares during the period. Gabelli Funds LLC’s holdings in ITT were worth $26,351,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Creative Planning acquired a new position in ITT in the 4th quarter valued at $205,000. Alps Advisors Inc. acquired a new stake in shares of ITT during the 4th quarter worth $209,000. AXA acquired a new stake in shares of ITT during the 4th quarter worth $219,000. Burney Co. acquired a new stake in shares of ITT during the 4th quarter worth $222,000. Finally, Portland Global Advisors LLC acquired a new stake in shares of ITT during the 4th quarter worth $232,000. Institutional investors own 90.33% of the company’s stock.
Shares of ITT opened at $53.75 on Friday, Marketbeat Ratings reports. ITT Inc. has a twelve month low of $36.93 and a twelve month high of $57.62. The firm has a market cap of $4.74 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 1.59 and a beta of 1.56.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, May 4th. The conglomerate reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. ITT had a net margin of 6.37% and a return on equity of 14.98%. The firm had revenue of $689.30 million during the quarter, compared to analysts’ expectations of $680.75 million. During the same period in the prior year, the company earned $0.64 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. analysts anticipate that ITT Inc. will post 3.1 earnings per share for the current year.
ITT announced that its Board of Directors has authorized a share repurchase program on Friday, February 16th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Monday, June 11th will be given a dividend of $0.134 per share. The ex-dividend date of this dividend is Friday, June 8th. This represents a $0.54 dividend on an annualized basis and a yield of 1.00%. ITT’s dividend payout ratio (DPR) is 20.85%.
In related news, VP Steven C. Giuliano sold 11,940 shares of the company’s stock in a transaction on Friday, May 11th. The shares were sold at an average price of $52.98, for a total transaction of $632,581.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Denise L. Ramos sold 105,295 shares of the company’s stock in a transaction on Friday, May 11th. The stock was sold at an average price of $52.74, for a total transaction of $5,553,258.30. Following the sale, the insider now directly owns 359,400 shares of the company’s stock, valued at $18,954,756. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,090 shares of company stock valued at $7,065,892. 1.00% of the stock is owned by corporate insiders.
A number of analysts have recently commented on the company. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Stifel Nicolaus restated a “buy” rating and set a $62.00 price objective (down from $63.00) on shares of ITT in a report on Tuesday, February 20th. DA Davidson assumed coverage on ITT in a report on Wednesday, March 21st. They set a “buy” rating and a $60.00 price objective for the company. Robert W. Baird dropped their price objective on ITT from $64.00 to $62.00 and set an “outperform” rating for the company in a report on Monday, May 7th. Finally, Oppenheimer restated a “buy” rating and set a $60.00 price objective on shares of ITT in a report on Friday, May 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $56.22.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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