Fiera Capital Corp cut its holdings in shares of ITT Inc. (NYSE:ITT – Free Report) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,066 shares of the conglomerate’s stock after selling 2,248 shares during the quarter. Fiera Capital Corp’s holdings in ITT were worth $3,362,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Select Equity Group L.P. bought a new position in shares of ITT during the 4th quarter valued at approximately $106,328,000. Norges Bank acquired a new position in ITT during the 4th quarter valued at approximately $64,598,000. GW&K Investment Management LLC increased its position in shares of ITT by 135.6% in the 1st quarter. GW&K Investment Management LLC now owns 846,115 shares of the conglomerate’s stock valued at $73,020,000 after acquiring an additional 487,044 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of ITT during the first quarter worth about $35,055,000. Finally, Point72 Asset Management L.P. acquired a new stake in ITT during the 4th quarter valued at approximately $29,172,000. Hedge funds and other institutional investors own 90.73% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently weighed in on ITT. Robert W. Baird upped their price target on ITT from $101.00 to $107.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 29th. KeyCorp lifted their price objective on shares of ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. TD Cowen increased their target price on ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, August 29th. Finally, Stifel Nicolaus raised their price target on ITT from $106.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT currently has an average rating of “Buy” and a consensus target price of $108.43.
Insider Buying and Selling
In other news, Director Don Defosset sold 9,996 shares of ITT stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $101.25, for a total value of $1,012,095.00. Following the completion of the transaction, the director now directly owns 20,694 shares of the company’s stock, valued at approximately $2,095,267.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.60% of the company’s stock.
ITT Price Performance
ITT stock opened at $106.98 on Wednesday. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 1.56 and a beta of 1.41. ITT Inc. has a 12 month low of $75.82 and a 12 month high of $107.38. The stock’s 50-day moving average is $98.05 and its 200-day moving average is $93.68.
ITT Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.16 dividend on an annualized basis and a yield of 1.08%. ITT’s dividend payout ratio (DPR) is presently 22.14%.
ITT declared that its board has authorized a stock repurchase program on Wednesday, October 4th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the conglomerate to repurchase up to 12.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in 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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