24,312 Shares in ITT Inc. (NYSE:ITT) Purchased by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC acquired a new position in shares of ITT Inc. (NYSE:ITT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 24,312 shares of the conglomerate’s stock, valued at approximately $2,901,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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. grew its holdings in 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 buying an additional 1,462 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in 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 buying an additional 2,992 shares during the period. Great West Life Assurance Co. Can grew its holdings in 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 buying an additional 2,592 shares during the period. 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 91.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. StockNews.com lowered ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lifted their price objective on ITT from $122.00 to $131.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. Citigroup lifted their price objective on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday. KeyCorp lifted their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, DA Davidson boosted their price target on ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $132.86.

ITT Stock Performance

ITT stock opened at $130.86 on Friday. The stock’s 50 day moving average price is $128.01 and its 200 day moving average price is $115.17. The firm has a market capitalization of $10.76 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.78 and a beta of 1.43. ITT Inc. has a one year low of $75.82 and a one year high of $138.29.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.34. ITT had a return on equity of 17.91% and a net margin of 12.50%. The business had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. During the same period in the previous year, the business earned $1.29 EPS. The business’s quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts forecast that ITT Inc. will post 5.79 earnings per share for the current fiscal year.

ITT Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were issued a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.98%. This is an increase from ITT’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, March 7th. ITT’s payout ratio is 25.81%.

About ITT

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. 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.