ITT Inc. (ITT) Stake Lessened by Nine Chapters Capital Management LLC
Nine Chapters Capital Management LLC cut its holdings in shares of ITT Inc. (NYSE:ITT) by 34.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,400 shares of the conglomerate’s stock after selling 4,400 shares during the period. Nine Chapters Capital Management LLC’s holdings in ITT were worth $372,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of ITT by 0.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,940 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 56 shares in the last quarter. World Asset Management Inc increased its position in shares of ITT by 2.0% in the 2nd quarter. World Asset Management Inc now owns 5,597 shares of the conglomerate’s stock valued at $225,000 after acquiring an additional 110 shares during the period. Stephens Inc. AR increased its position in shares of ITT by 2.4% in the 2nd quarter. Stephens Inc. AR now owns 5,532 shares of the conglomerate’s stock valued at $222,000 after acquiring an additional 130 shares during the period. Synovus Financial Corp increased its position in shares of ITT by 2.6% in the 2nd quarter. Synovus Financial Corp now owns 5,489 shares of the conglomerate’s stock valued at $222,000 after acquiring an additional 138 shares during the period. Finally, Teacher Retirement System of Texas increased its position in shares of ITT by 3.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 7,197 shares of the conglomerate’s stock valued at $289,000 after acquiring an additional 249 shares during the period. 92.77% of the stock is currently owned by institutional investors and hedge funds.
In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total value of $214,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.20% of the company’s stock.
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Several research firms recently issued reports on ITT. Robert W. Baird reissued a “buy” rating on shares of ITT in a research report on Thursday. Cowen and Company reissued a “buy” rating and issued a $50.00 target price on shares of ITT in a research report on Thursday, September 21st. BidaskClub downgraded ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research downgraded ITT from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, Deutsche Bank AG raised ITT from a “hold” rating to a “buy” rating and upped their target price for the company from $46.00 to $55.00 in a research report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $48.50.
ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. ITT had a net margin of 8.64% and a return on equity of 14.17%. The firm had revenue of $645.00 million during the quarter, compared to analysts’ expectations of $605.06 million. During the same period in the previous year, the company earned $0.58 earnings per share. ITT’s quarterly revenue was up 10.9% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a $0.128 dividend. 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 1.10%. ITT’s dividend payout ratio is presently 21.70%.
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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