Pallas Capital Advisors LLC Takes Position in ITT Inc. (NYSE:ITT)

Pallas Capital Advisors LLC acquired a new stake in ITT Inc. (NYSE:ITT) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,412 shares of the conglomerate’s stock, valued at approximately $441,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its stake in shares of ITT by 0.7% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,486 shares of the conglomerate’s stock valued at $1,641,000 after buying an additional 81 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of ITT by 13.1% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate’s stock valued at $107,000 after buying an additional 87 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of ITT by 10.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the conglomerate’s stock valued at $183,000 after buying an additional 116 shares during the period. CIBC Asset Management Inc increased its stake in shares of ITT by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 2,534 shares of the conglomerate’s stock valued at $362,000 after buying an additional 125 shares during the period. Finally, Quarry LP increased its stake in shares of ITT by 101.6% in the fourth quarter. Quarry LP now owns 248 shares of the conglomerate’s stock valued at $35,000 after buying an additional 125 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ITT. Citigroup lowered their price objective on ITT from $181.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group increased their target price on shares of ITT from $160.00 to $177.00 and gave the company a “buy” rating in a research report on Monday, May 19th. Wall Street Zen raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Wednesday, May 7th. Bank of America increased their target price on shares of ITT from $145.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, May 21st. Finally, KeyCorp increased their target price on shares of ITT from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, ITT currently has an average rating of “Moderate Buy” and an average price target of $165.50.

ITT Stock Performance

Shares of ITT stock opened at $152.14 on Friday. The company has a market cap of $11.97 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 1.89 and a beta of 1.35. ITT Inc. has a 52 week low of $105.64 and a 52 week high of $161.13. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average of $140.89 and a 200-day moving average of $142.69.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. The company had revenue of $913.00 million during the quarter, compared to the consensus estimate of $901.22 million. ITT had a net margin of 14.27% and a return on equity of 18.03%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the firm posted $1.42 EPS. On average, equities analysts forecast that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Monday, June 2nd. ITT’s dividend payout ratio (DPR) is 22.26%.

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.