Public Employees Retirement System of Ohio Raises Stake in ITT Inc (NYSE:ITT)
Public Employees Retirement System of Ohio boosted its position in shares of ITT Inc (NYSE:ITT) by 19.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,813 shares of the conglomerate’s stock after acquiring an additional 10,341 shares during the period. Public Employees Retirement System of Ohio’s holdings in ITT were worth $3,966,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in shares of ITT by 1.1% in the 2nd quarter. BlackRock Inc. now owns 7,980,310 shares of the conglomerate’s stock valued at $522,551,000 after purchasing an additional 86,769 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of ITT by 9.5% during the 2nd quarter. Janus Henderson Group PLC now owns 3,574,946 shares of the conglomerate’s stock worth $234,087,000 after purchasing an additional 310,850 shares during the last quarter. Invesco Ltd. grew its stake in shares of ITT by 34.3% during the second quarter. Invesco Ltd. now owns 2,235,613 shares of the conglomerate’s stock worth $146,389,000 after purchasing an additional 570,860 shares in the last quarter. Macquarie Group Ltd. grew its stake in shares of ITT by 0.9% during the second quarter. Macquarie Group Ltd. now owns 2,214,793 shares of the conglomerate’s stock worth $145,024,000 after purchasing an additional 19,601 shares in the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in ITT in the second quarter valued at $134,658,000. Institutional investors own 90.78% of the company’s stock.
A number of research firms have weighed in on ITT. Robert W. Baird set a $75.00 price target on ITT and gave the company a “buy” rating in a research note on Friday, November 1st. ValuEngine upgraded ITT from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Zacks Investment Research upgraded ITT from a “sell” rating to a “hold” rating and set a $63.00 price objective on the stock in a report on Monday, October 14th. KeyCorp boosted their target price on ITT from $70.00 to $80.00 in a research note on Wednesday, November 27th. Finally, DA Davidson upped their price target on ITT from $75.00 to $80.00 and gave the company a “positive” rating in a report on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $71.29.
Shares of ITT opened at $70.84 on Friday. ITT Inc has a 1-year low of $44.89 and a 1-year high of $70.86. The stock has a market cap of $6.12 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 1.87 and a beta of 1.67. The firm has a fifty day moving average price of $66.09 and a 200 day moving average price of $61.76.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.07. ITT had a return on equity of 16.92% and a net margin of 11.00%. The company had revenue of $711.90 million for the quarter, compared to analyst estimates of $707.57 million. During the same quarter last year, the company posted $0.82 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts anticipate that ITT Inc will post 3.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $0.147 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.59 dividend on an annualized basis and a dividend yield of 0.83%. ITT’s dividend payout ratio (DPR) is presently 18.27%.
ITT declared that its Board of Directors has approved a share repurchase plan on Friday, November 1st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the conglomerate to purchase up to 8.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
ITT Company Profile
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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