Shares of ITT Inc. (NYSE:ITT – Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $109.63 and last traded at $107.98, with a volume of 19356 shares. The stock had previously closed at $108.07.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. StockNews.com lowered ITT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 29th. TD Cowen lifted their price objective on shares of ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, August 29th. Bank of America upgraded shares of ITT from a “neutral” rating to a “buy” rating and upped their target price for the stock from $105.00 to $125.00 in a research note on Thursday. Robert W. Baird lifted their price target on shares of ITT from $101.00 to $107.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Finally, KeyCorp increased their price objective on ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT presently has a consensus rating of “Buy” and a consensus price target of $111.29.
ITT Trading Up 0.2 %
ITT Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Thursday, November 30th. ITT’s payout ratio is currently 22.14%.
ITT announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 4th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the conglomerate to repurchase up to 12.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In related news, Director Don Defosset sold 9,996 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $101.25, for a total transaction of $1,012,095.00. Following the transaction, the director now directly owns 20,694 shares in the company, valued at approximately $2,095,267.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.60% of the company’s stock.
Institutional Trading of ITT
Institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. raised its holdings in shares of ITT by 6.2% in the second quarter. Oppenheimer & Co. Inc. now owns 2,882 shares of the conglomerate’s stock worth $269,000 after buying an additional 167 shares during the last quarter. Greenleaf Trust acquired a new stake in ITT during the 1st quarter worth about $202,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in ITT by 6.9% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,831 shares of the conglomerate’s stock valued at $3,713,000 after purchasing an additional 2,583 shares during the last quarter. Summit Trail Advisors LLC acquired a new position in shares of ITT in the first quarter valued at about $233,000. Finally, WealthPlan Investment Management LLC raised its stake in shares of ITT by 44.0% in the second quarter. WealthPlan Investment Management LLC now owns 1,008 shares of the conglomerate’s stock worth $526,000 after purchasing an additional 308 shares during the last quarter. 90.73% of the stock is currently owned by institutional investors and hedge funds.
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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