Stonebridge Capital Advisors LLC acquired a new position in ITT Inc (NYSE:ITT) during the first quarter, HoldingsChannel reports. The institutional investor acquired 5,533 shares of the conglomerate’s stock, valued at approximately $321,000.
A number of other institutional investors and hedge funds have also made changes to their positions in ITT. Vanguard Group Inc lifted its stake in shares of ITT by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 8,447,321 shares of the conglomerate’s stock valued at $517,482,000 after acquiring an additional 125,376 shares during the last quarter. Advisors Asset Management Inc. lifted its position in ITT by 297.7% in the 4th quarter. Advisors Asset Management Inc. now owns 1,559 shares of the conglomerate’s stock valued at $75,000 after acquiring an additional 1,167 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in ITT by 48.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 11,785 shares of the conglomerate’s stock valued at $569,000 after acquiring an additional 3,860 shares in the last quarter. Rhumbline Advisers lifted its position in ITT by 45.8% in the 4th quarter. Rhumbline Advisers now owns 237,213 shares of the conglomerate’s stock valued at $11,450,000 after acquiring an additional 74,484 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new position in ITT in the 4th quarter valued at about $421,000. Institutional investors and hedge funds own 89.82% of the company’s stock.
Shares of ITT stock traded down $0.88 during mid-day trading on Friday, hitting $61.93. 2,851 shares of the stock were exchanged, compared to its average volume of 464,298. ITT Inc has a 12 month low of $44.89 and a 12 month high of $63.54. The stock has a market cap of $5.45 billion, a P/E ratio of 19.13, a P/E/G ratio of 1.91 and a beta of 1.57.
ITT (NYSE:ITT) last posted its earnings results on Friday, May 3rd. The conglomerate reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.07. ITT had a net margin of 11.04% and a return on equity of 16.69%. The firm had revenue of $695.50 million for the quarter, compared to analysts’ expectations of $682.49 million. During the same quarter last year, the firm earned $0.77 EPS. The company’s quarterly revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts expect that ITT Inc will post 3.6 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 10th will be given a dividend of $0.147 per share. The ex-dividend date is Friday, June 7th. This represents a $0.59 annualized dividend and a dividend yield of 0.95%. ITT’s dividend payout ratio is currently 18.27%.
In other news, CFO Thomas M. Scalera sold 64,135 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.57, for a total transaction of $3,948,791.95. Following the completion of the sale, the chief financial officer now owns 73,701 shares in the company, valued at approximately $4,537,770.57. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Farrokh Batliwala sold 8,950 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $61.38, for a total transaction of $549,351.00. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
Several brokerages recently weighed in on ITT. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Wednesday. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Stifel Nicolaus raised their price target on shares of ITT from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Oppenheimer set a $68.00 price target on shares of ITT and gave the company a “buy” rating in a research report on Wednesday, March 27th. Finally, UBS Group raised shares of ITT from a “sell” rating to a “neutral” rating and raised their price target for the company from $48.00 to $60.00 in a research report on Thursday, February 28th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. ITT currently has a consensus rating of “Buy” and a consensus price target of $66.75.
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ITT Company Profile
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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