ITT Inc. (ITT) Shares Sold by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC trimmed its position in shares of ITT Inc. (NYSE:ITT) by 8.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 634,303 shares of the conglomerate’s stock after selling 57,220 shares during the period. Wedge Capital Management L L P NC owned approximately 0.72% of ITT worth $28,081,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in ITT. Pinnacle Financial Partners Inc. acquired a new stake in shares of ITT during the 2nd quarter worth $105,000. Riverhead Capital Management LLC increased its holdings in shares of ITT by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after buying an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of ITT by 10.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after buying an additional 314 shares during the last quarter. Huntington National Bank acquired a new stake in shares of ITT during the 3rd quarter worth $191,000. Finally, Synovus Financial Corp increased its holdings in shares of ITT by 2.6% during the 2nd quarter. Synovus Financial Corp now owns 5,489 shares of the conglomerate’s stock worth $222,000 after buying an additional 138 shares during the last quarter. Institutional investors and hedge funds own 92.77% of the company’s stock.
ITT Inc. (ITT) traded down $0.18 during trading hours on Friday, reaching $51.32. 1,219,571 shares of the company’s stock were exchanged, compared to its average volume of 784,223. The stock has a market cap of $4,516.16, a PE ratio of 21.12, a P/E/G ratio of 1.36 and a beta of 1.53. ITT Inc. has a one year low of $32.46 and a one year high of $53.00.
ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The company had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. ITT had a return on equity of 14.12% and a net margin of 8.29%. ITT’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 earnings per share. analysts forecast that ITT Inc. will post 2.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be given a dividend of $0.128 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.51 dividend on an annualized basis and a yield of 1.00%. ITT’s dividend payout ratio is currently 21.89%.
ITT has been the subject of several recent research reports. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a report on Tuesday, July 18th. BidaskClub downgraded ITT from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $49.00 price target on shares of ITT in a report on Wednesday, August 16th. ValuEngine downgraded ITT from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Cowen and Company reiterated a “buy” rating and issued a $50.00 price target on shares of ITT in a report on Thursday, September 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. ITT has a consensus rating of “Buy” and an average price target of $49.40.
In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.20% of the company’s stock.
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.
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