Los Angeles Capital Management & Equity Research Inc. Purchases Shares of 4,035 ITT Inc (ITT)
Los Angeles Capital Management & Equity Research Inc. purchased a new position in ITT Inc (NYSE:ITT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,035 shares of the conglomerate’s stock, valued at approximately $211,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of ITT by 4.6% during the first quarter. Wells Fargo & Company MN now owns 453,167 shares of the conglomerate’s stock valued at $22,195,000 after acquiring an additional 20,127 shares during the period. Algert Global LLC boosted its holdings in shares of ITT by 42.8% during the first quarter. Algert Global LLC now owns 8,589 shares of the conglomerate’s stock valued at $421,000 after acquiring an additional 2,574 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of ITT during the first quarter valued at $254,000. Trexquant Investment LP acquired a new position in shares of ITT during the first quarter valued at $1,625,000. Finally, Prudential Financial Inc. boosted its holdings in shares of ITT by 18.1% during the first quarter. Prudential Financial Inc. now owns 525,857 shares of the conglomerate’s stock valued at $25,757,000 after acquiring an additional 80,420 shares during the period. 92.94% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on ITT shares. Oppenheimer reissued a “buy” rating and set a $67.00 price target (up previously from $60.00) on shares of ITT in a report on Friday, August 3rd. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Wednesday, August 8th. Stifel Nicolaus boosted their price target on shares of ITT from $59.00 to $68.00 and gave the company a “buy” rating in a report on Monday, August 6th. KeyCorp boosted their price target on shares of ITT from $61.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, June 13th. Finally, Robert W. Baird reduced their price target on shares of ITT from $64.00 to $62.00 and set an “outperform” rating for the company in a report on Monday, May 7th. One research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $63.40.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.04. The business had revenue of $696.80 million during the quarter, compared to the consensus estimate of $685.80 million. ITT had a net margin of 7.02% and a return on equity of 15.40%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.55 earnings per share. analysts forecast that ITT Inc will post 3.14 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Monday, September 10th will be issued a $0.134 dividend. This represents a $0.54 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, September 7th. ITT’s payout ratio is currently 20.85%.
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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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