Halsey Associates Inc. CT bought a new stake in shares of ITT Inc. (NYSE:ITT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,875 shares of the conglomerate’s stock, valued at approximately $260,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ITT. BlackRock Inc. raised its holdings in ITT by 4.0% during the 4th quarter. BlackRock Inc. now owns 7,413,218 shares of the conglomerate’s stock valued at $395,641,000 after buying an additional 284,131 shares during the period. Goldman Sachs Group Inc. raised its holdings in ITT by 56.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,681,071 shares of the conglomerate’s stock valued at $196,460,000 after buying an additional 1,327,073 shares during the period. Janus Henderson Group PLC raised its holdings in ITT by 2.7% during the 3rd quarter. Janus Henderson Group PLC now owns 3,132,953 shares of the conglomerate’s stock valued at $138,696,000 after buying an additional 80,975 shares during the period. Macquarie Group Ltd. raised its holdings 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 buying an additional 27,202 shares during the period. Finally, LSV Asset Management increased its stake in ITT by 1.7% in the fourth quarter. LSV Asset Management now owns 2,041,870 shares of the conglomerate’s stock worth $108,974,000 after purchasing an additional 33,700 shares during the period. Hedge funds and other institutional investors own 94.20% of the company’s stock.
A number of analysts have weighed in on the company. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 target price (down previously from $63.00) on shares of ITT in a research note on Tuesday, February 20th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research downgraded ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. UBS started coverage on ITT in a research report on Tuesday, January 23rd. They set a “sell” rating and a $55.00 price objective on the stock. Finally, Oppenheimer reaffirmed a “buy” rating and set a $60.00 price objective on shares of ITT in a research report on Thursday, January 18th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $55.88.
In related news, CFO Thomas M. Scalera sold 9,215 shares of ITT stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total transaction of $458,630.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is currently owned by company insiders.
ITT Inc. (NYSE:ITT) traded up $0.61 during trading on Tuesday, hitting $51.98. The company had a trading volume of 20,525 shares, compared to its average volume of 654,508. The firm has a market capitalization of $4,553.77, a P/E ratio of 40.13, a price-to-earnings-growth ratio of 1.35 and a beta of 1.59. ITT Inc. has a 12-month low of $36.93 and a 12-month high of $57.62.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $683.60 million during the quarter, compared to analysts’ expectations of $635.71 million. ITT had a return on equity of 14.65% and a net margin of 4.39%. ITT’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the business earned $0.48 earnings per share. equities analysts expect that ITT Inc. will post 3.08 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 12th will be given a dividend of $0.134 per share. This is a boost from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a yield of 1.03%. The ex-dividend date is Friday, March 9th. ITT’s dividend payout ratio (DPR) is currently 42.19%.
ITT announced that its board has approved a share buyback plan on Friday, February 16th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
ITT Company Profile
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.
Want to see what other hedge funds are holding ITT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ITT Inc. (NYSE:ITT).
Receive News & Ratings for ITT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT and related companies with MarketBeat.com's FREE daily email newsletter.