US Bancorp DE reduced its stake in shares of ITT Inc. (NYSE:ITT – Get Rating) by 4.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,519 shares of the conglomerate’s stock after selling 642 shares during the quarter. US Bancorp DE’s holdings in ITT were worth $948,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its stake in ITT by 10.5% during the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock worth $696,000 after purchasing an additional 878 shares during the period. Panagora Asset Management Inc. grew its holdings in ITT by 9.5% during the 1st quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock worth $1,264,000 after acquiring an additional 1,462 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in ITT by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock worth $2,359,000 after acquiring an additional 2,992 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of ITT by 3.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after buying an additional 2,592 shares during the last quarter. Finally, Synovus Financial Corp lifted its position in shares of ITT by 1.2% in the 1st quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock worth $1,330,000 after buying an additional 208 shares during the last quarter. 90.16% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have commented on ITT. StockNews.com initiated coverage on shares of ITT in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Stifel Nicolaus lowered their price objective on shares of ITT from $84.00 to $78.00 in a research report on Tuesday, October 11th. Robert W. Baird reduced their price objective on shares of ITT from $88.00 to $83.00 in a research note on Friday, November 4th. KeyCorp boosted their price objective on shares of ITT from $90.00 to $96.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Citigroup boosted their target price on shares of ITT from $82.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, December 9th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.80.
ITT Trading Down 3.2 %
ITT (NYSE:ITT – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.02. ITT had a return on equity of 16.95% and a net margin of 12.26%. The firm had revenue of $753.60 million for the quarter, compared to analyst estimates of $754.17 million. As a group, equities analysts forecast that ITT Inc. will post 4.39 EPS for the current year.
ITT Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Thursday, December 1st were issued a dividend of $0.264 per share. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $1.06 annualized dividend and a yield of 1.26%. ITT’s dividend payout ratio (DPR) is currently 25.24%.
ITT, Inc engages in the manufacture and sale of engineered components and customized technology solutions primarily for the transportation, industrial, and energy markets. It operates through the following segments: Motion Technologies, Industrial Process, Connect and Control Technologies, and Corporate and Other.
- Get a free copy of the StockNews.com research report on ITT (ITT)
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