ITT Inc. (NYSE:ITT) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in shares of ITT Inc. (NYSE:ITT) by 184.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,590 shares of the conglomerate’s stock after acquiring an additional 6,222 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ITT were worth $1,144,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in shares of ITT by 63.4% in the 3rd quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock valued at $30,000 after buying an additional 118 shares during the period. AdvisorNet Financial Inc lifted its holdings in shares of ITT by 101.0% in the 4th quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock valued at $48,000 after buying an additional 204 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of ITT by 81.7% in the 3rd quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock valued at $54,000 after buying an additional 250 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of ITT by 30.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,076 shares of the conglomerate’s stock valued at $105,000 after buying an additional 253 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of ITT by 20.1% in the 3rd quarter. Fifth Third Bancorp now owns 1,263 shares of the conglomerate’s stock valued at $124,000 after buying an additional 211 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. DA Davidson raised their price target on ITT from $140.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Citigroup raised their price objective on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. KeyCorp raised their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Stifel Nicolaus raised their price objective on ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $135.57.

ITT Stock Performance

ITT stock opened at $129.57 on Wednesday. The stock has a fifty day moving average of $128.57 and a two-hundred day moving average of $117.12. The company has a market capitalization of $10.66 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 1.71 and a beta of 1.43. ITT Inc. has a fifty-two week low of $75.82 and a fifty-two week high of $138.29.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, hitting the consensus estimate of $1.34. The company had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. ITT had a return on equity of 17.91% and a net margin of 12.50%. ITT’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 earnings per share. On average, analysts forecast that ITT Inc. will post 5.8 EPS for the current fiscal year.

ITT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were given a $0.319 dividend. The ex-dividend date of this dividend was Thursday, March 7th. 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. ITT’s payout ratio is currently 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.