Russell Investments Group Ltd. Increases Stake in ITT Inc. (ITT)
Russell Investments Group Ltd. lifted its holdings in ITT Inc. (NYSE:ITT) by 5.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 620,767 shares of the conglomerate’s stock after purchasing an additional 29,427 shares during the quarter. Russell Investments Group Ltd. owned 0.71% of ITT worth $27,482,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ITT. Pinnacle Financial Partners Inc. bought a new stake in shares of ITT in the second quarter worth $105,000. Riverhead Capital Management LLC raised its position in ITT by 57.0% during the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after acquiring an additional 1,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in ITT by 10.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after acquiring an additional 314 shares in the last quarter. Stevens First Principles Investment Advisors bought a new stake in ITT during the third quarter worth $137,000. Finally, Huntington National Bank bought a new stake in ITT during the third quarter worth $191,000. 93.36% of the stock is currently owned by institutional investors and hedge funds.
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In other ITT news, CFO Thomas M. Scalera sold 5,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $50.98, for a total transaction of $254,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Denise L. Ramos sold 161,100 shares of the stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $50.14, for a total transaction of $8,077,554.00. Following the sale, the insider now owns 283,032 shares in the company, valued at $14,191,224.48. The disclosure for this sale can be found here. Insiders sold 176,960 shares of company stock worth $8,845,462 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.
ITT has been the topic of several analyst reports. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Thursday, October 12th. Stifel Nicolaus reissued a “buy” rating and issued a $49.00 price objective on shares of ITT in a research report on Wednesday, August 16th. BidaskClub lowered shares of ITT from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, KeyCorp reissued a “buy” rating on shares of ITT in a research report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $50.44.
ITT Inc. (NYSE:ITT) traded up $0.05 during mid-day trading on Friday, hitting $52.09. 370,500 shares of the company traded hands, compared to its average volume of 580,960. ITT Inc. has a fifty-two week low of $36.93 and a fifty-two week high of $53.00. The firm has a market capitalization of $4,583.92, a P/E ratio of 21.44, a PEG ratio of 1.65 and a beta of 1.53.
ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The business had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. During the same period in the prior year, the company posted $0.58 earnings per share. ITT’s revenue was up 10.9% compared to the same quarter last year. analysts expect that ITT Inc. will post 2.53 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be paid a $0.128 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.51 annualized dividend and a dividend yield of 0.98%. ITT’s dividend payout ratio (DPR) is presently 21.89%.
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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