Mirae Asset Global Investments Co. Ltd. lifted its stake in ITT Inc. (NYSE:ITT – Get Rating) by 11.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 166,451 shares of the conglomerate’s stock after purchasing an additional 17,478 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.20% of ITT worth $12,519,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital International Investors boosted its position in shares of ITT by 7.2% in the 4th quarter. Capital International Investors now owns 9,913,100 shares of the conglomerate’s stock valued at $1,013,020,000 after purchasing an additional 669,698 shares during the period. Alliancebernstein L.P. boosted its position in shares of ITT by 2.9% in the 4th quarter. Alliancebernstein L.P. now owns 2,321,312 shares of the conglomerate’s stock valued at $237,215,000 after purchasing an additional 65,659 shares during the period. State Street Corp boosted its position in shares of ITT by 4.0% in the 1st quarter. State Street Corp now owns 2,254,374 shares of the conglomerate’s stock valued at $170,136,000 after purchasing an additional 87,718 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of ITT by 1.8% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,196,584 shares of the conglomerate’s stock valued at $89,996,000 after purchasing an additional 21,618 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of ITT by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 1,072,937 shares of the conglomerate’s stock valued at $109,643,000 after purchasing an additional 12,464 shares during the period. Institutional investors and hedge funds own 91.12% of the company’s stock.
Analyst Upgrades and Downgrades
ITT has been the subject of a number of recent analyst reports. KeyCorp decreased their price target on ITT from $100.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. DA Davidson decreased their price objective on ITT from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Tuesday, June 21st. StockNews.com upgraded ITT from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. TheStreet upgraded ITT from a “c+” rating to a “b-” rating in a research report on Tuesday, August 23rd. Finally, Cowen decreased their price objective on ITT from $105.00 to $92.00 and set an “outperform” rating for the company in a research report on Monday, June 13th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, ITT currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.20.
ITT Price Performance
ITT (NYSE:ITT – Get Rating) last issued its quarterly earnings data on Thursday, August 4th. The conglomerate reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the business earned $0.94 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, equities research analysts expect that ITT Inc. will post 4.43 earnings per share for the current fiscal year.
ITT Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be paid a $0.264 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, September 1st. ITT’s payout ratio is 26.63%.
Insider Activity at ITT
In related news, SVP Mary Elizabeth Gustafsson sold 3,206 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $81.95, for a total value of $262,731.70. Following the transaction, the senior vice president now directly owns 53,477 shares of the company’s stock, valued at approximately $4,382,440.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.
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.
- Get a free copy of the StockNews.com research report on ITT (ITT)
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