GABELLI & Co INVESTMENT ADVISERS INC. Takes Position in ITT Inc. (NYSE:ITT)

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in ITT Inc. (NYSE:ITT) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 3,003 shares of the conglomerate’s stock, valued at approximately $280,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. grew its stake in shares of ITT by 3.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 3,599 shares of the conglomerate’s stock valued at $335,000 after purchasing an additional 122 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of ITT by 3.0% in the fourth quarter. Quantinno Capital Management LP now owns 5,412 shares of the conglomerate’s stock valued at $439,000 after buying an additional 157 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of ITT by 6.2% in the second quarter. Oppenheimer & Co. Inc. now owns 2,882 shares of the conglomerate’s stock valued at $269,000 after buying an additional 167 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of ITT by 1.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 12,151 shares of the conglomerate’s stock valued at $1,133,000 after buying an additional 168 shares in the last quarter. Finally, Dakota Wealth Management boosted its stake in shares of ITT by 3.1% in the second quarter. Dakota Wealth Management now owns 5,662 shares of the conglomerate’s stock valued at $528,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 90.73% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 29th. KeyCorp boosted their target price on ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Robert W. Baird boosted their target price on ITT from $101.00 to $107.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Bank of America upgraded ITT from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $105.00 to $125.00 in a research report on Thursday. Finally, TD Cowen boosted their target price on ITT from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 29th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $111.29.

Insiders Place Their Bets

In other news, Director Don Defosset sold 9,996 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $101.25, for a total value of $1,012,095.00. Following the completion of the sale, the director now owns 20,694 shares of the company’s stock, valued at $2,095,267.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.60% of the stock is currently owned by insiders.

ITT Trading Up 0.2 %

NYSE:ITT traded up $0.24 on Friday, hitting $108.07. 273,747 shares of the stock were exchanged, compared to its average volume of 447,670. The stock has a market cap of $8.87 billion, a PE ratio of 20.62, a PEG ratio of 1.64 and a beta of 1.41. The stock has a fifty day moving average of $98.49 and a 200-day moving average of $94.11. ITT Inc. has a fifty-two week low of $75.82 and a fifty-two week high of $109.49.

ITT Dividend Announcement

The company also recently declared 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 is Thursday, November 30th. This represents a $1.16 annualized dividend and a yield of 1.07%. ITT’s dividend payout ratio is presently 22.14%.

ITT declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 4th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the conglomerate to reacquire up to 12.1% of its shares through open market purchases. Shares repurchase plans are usually a sign 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.