Texas Permanent School Fund reduced its stake in ITT Inc. (NYSE:ITT – Get Rating) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,686 shares of the conglomerate’s stock after selling 1,299 shares during the period. Texas Permanent School Fund owned about 0.07% of ITT worth $4,564,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of ITT. National Bank of Canada FI purchased a new position in ITT in the 4th quarter worth approximately $28,000. Allspring Global Investments Holdings LLC purchased a new position in ITT in the 4th quarter worth approximately $3,095,000. Commonwealth Equity Services LLC increased its stake in shares of ITT by 1.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 8,430 shares of the conglomerate’s stock valued at $861,000 after buying an additional 150 shares during the period. Dupont Capital Management Corp purchased a new position in shares of ITT during the fourth quarter valued at approximately $63,000. Finally, CWM LLC purchased a new position in shares of ITT during the fourth quarter valued at approximately $38,000. 95.64% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on ITT shares. Stifel Nicolaus reduced their target price on ITT from $107.00 to $91.00 and set a “buy” rating on the stock in a research note on Monday, April 18th. Robert W. Baird reduced their target price on ITT from $90.00 to $84.00 in a research note on Wednesday, May 4th. KeyCorp reduced their target price on ITT from $100.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. UBS Group upgraded ITT from a “neutral” rating to a “buy” rating and dropped their price target for the company from $107.00 to $95.00 in a research report on Friday, April 8th. Finally, Cowen dropped their price target on ITT from $105.00 to $92.00 and set an “outperform” rating on the stock in a research report on Monday, June 13th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.00.
ITT Trading Up 1.7 %
ITT (NYSE:ITT – Get Rating) last released its earnings results on Thursday, August 4th. The conglomerate reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. ITT had a return on equity of 16.13% and a net margin of 12.01%. The business had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. During the same period in the previous year, the company posted $0.94 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities research analysts predict that ITT Inc. will post 4.4 EPS for the current year.
ITT Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.264 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Thursday, September 1st. ITT’s payout ratio is currently 26.63%.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.
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