Engineers Gate Manager LP grew its holdings in shares of ITT Inc. (NYSE:ITT – Free Report) by 19.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 385,727 shares of the conglomerate’s stock after purchasing an additional 62,371 shares during the period. ITT makes up about 1.0% of Engineers Gate Manager LP’s holdings, making the stock its 6th biggest holding. Engineers Gate Manager LP’s holdings in ITT were worth $76,281,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in ITT in the second quarter valued at $28,000. Elyxium Wealth LLC bought a new position in ITT during the 4th quarter worth $29,000. Bayban acquired a new position in ITT during the 4th quarter worth about $31,000. Trust Co. of Vermont acquired a new position in ITT during the 2nd quarter worth about $33,000. Finally, Parkside Financial Bank & Trust grew its position in shares of ITT by 62.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 197 shares of the conglomerate’s stock valued at $34,000 after buying an additional 76 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.
ITT Trading Down 1.4%
NYSE ITT opened at $201.48 on Wednesday. The stock has a market capitalization of $18.01 billion, a P/E ratio of 39.51, a P/E/G ratio of 1.67 and a beta of 1.27. The business has a 50 day simple moving average of $200.96 and a 200 day simple moving average of $199.62. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.26 and a quick ratio of 0.85. ITT Inc. has a one year low of $166.96 and a one year high of $230.32.
ITT Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Tuesday, September 8th will be issued a $0.386 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $1.54 annualized dividend and a yield of 0.8%. ITT’s dividend payout ratio is presently 30.20%.
Analyst Ratings Changes
ITT has been the subject of several recent research reports. Weiss Ratings raised ITT from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Stifel Nicolaus lifted their price objective on ITT from $246.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. BMO Capital Markets reiterated an “outperform” rating and issued a $273.00 target price on shares of ITT in a report on Friday, August 7th. DA Davidson increased their target price on shares of ITT from $255.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Finally, Citigroup raised their price target on shares of ITT from $254.00 to $267.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $244.82.
View Our Latest Analysis on ITT
Insider Buying and Selling
In other news, CEO Luca Savi bought 5,019 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average cost of $199.56 per share, for a total transaction of $1,001,591.64. Following the acquisition, the chief executive officer directly owned 267,373 shares in the company, valued at approximately $53,356,955.88. This trade represents a 1.91% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Graziano De sold 700 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $214.54, for a total transaction of $150,178.00. Following the sale, the chief accounting officer owned 7,159 shares of the company’s stock, valued at $1,535,891.86. This trade represents a 8.91% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.88% of the company’s stock.
About ITT
ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.
The company’s operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.
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