Royal Bank of Canada Boosts Holdings in ITT Inc. (NYSE:ITT)

Royal Bank of Canada raised its holdings in ITT Inc. (NYSE:ITT – Get Rating) by 64.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 90,604 shares of the conglomerate’s stock after acquiring an additional 35,394 shares during the period. Royal Bank of Canada’s holdings in ITT were worth $5,920,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ITT. American Century Companies Inc. grew its holdings in ITT by 10.5% in the 1st quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock valued at $696,000 after buying an additional 878 shares during the period. Panagora Asset Management Inc. lifted its stake in shares of ITT by 9.5% in the 1st quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock valued at $1,264,000 after purchasing an additional 1,462 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of ITT by 10.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock valued at $2,359,000 after purchasing an additional 2,992 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake 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 valued at $5,949,000 after purchasing an additional 2,592 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in shares of ITT by 1.2% in the 1st quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock valued at $1,330,000 after purchasing an additional 208 shares in the last quarter. Hedge funds and other institutional investors own 90.16% of the company’s stock.

ITT Stock Down 3.5 %

Shares of ITT opened at $86.47 on Monday. The business’s 50 day moving average is $89.44 and its two-hundred day moving average is $80.63. ITT Inc. has a 52-week low of $63.77 and a 52-week high of $95.18. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.46 and a beta of 1.43.

ITT (NYSE:ITT – Get Rating) last announced its earnings results on Thursday, February 9th. The conglomerate reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. ITT had a return on equity of 17.63% and a net margin of 12.28%. The company had revenue of $774.60 million for the quarter, compared to analyst estimates of $766.82 million. During the same period in the prior year, the company posted $1.06 EPS. ITT’s quarterly revenue was up 13.0% on a year-over-year basis. On average, equities analysts expect that ITT Inc. will post 4.81 earnings per share for the current fiscal year.

ITT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Thursday, March 9th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.34%. This is a positive change from ITT’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, March 8th. ITT’s dividend payout ratio is presently 26.42%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ITT shares. StockNews.com raised ITT from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 28th. Citigroup lifted their price objective on ITT from $94.00 to $101.00 and gave the company a “buy” rating in a research note on Monday, February 13th. KeyCorp boosted their price target on ITT from $96.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 10th. Robert W. Baird boosted their price target on ITT from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, February 10th. Finally, DA Davidson boosted their price target on ITT from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, February 13th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ITT currently has a consensus rating of “Moderate Buy” and an average target price of $95.30.

ITT Company Profile

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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.