UBS Asset Management Americas Inc. raised its stake in shares of ITT Inc. (NYSE:ITT) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,311 shares of the conglomerate’s stock after buying an additional 6,157 shares during the quarter. UBS Asset Management Americas Inc. owned about 0.12% of ITT worth $5,514,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Creative Planning bought a new stake in shares of ITT in the 4th quarter worth $205,000. Alps Advisors Inc. bought a new stake in shares of ITT in the 4th quarter worth $209,000. Portland Global Advisors LLC bought a new stake in shares of ITT in the 4th quarter worth $232,000. Catawba Capital Management VA bought a new stake in shares of ITT in the 4th quarter worth $239,000. Finally, Advisory Research Inc. bought a new stake in shares of ITT in the 4th quarter worth $252,000. Institutional investors and hedge funds own 94.22% of the company’s stock.
In related news, CFO Thomas M. Scalera sold 9,215 shares of ITT stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total value of $458,630.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.20% of the company’s stock.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05. ITT had a return on equity of 14.65% and a net margin of 4.39%. The company had revenue of $683.60 million during the quarter, compared to analyst estimates of $635.71 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. ITT’s revenue was up 16.2% compared to the same quarter last year. equities analysts predict that ITT Inc. will post 3.08 earnings per share for the current fiscal year.
ITT announced that its board has initiated a stock buyback plan on Friday, February 16th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the conglomerate to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 12th will be issued a $0.134 dividend. The ex-dividend date is Friday, March 9th. This represents a $0.54 annualized dividend and a dividend yield of 1.01%. This is a positive change from ITT’s previous quarterly dividend of $0.13. ITT’s payout ratio is presently 39.84%.
A number of analysts have commented on ITT shares. Zacks Investment Research lowered ITT from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. ValuEngine lowered ITT from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Stifel Nicolaus reissued a “buy” rating and issued a $63.00 target price (up previously from $60.00) on shares of ITT in a report on Tuesday, January 16th. Finally, UBS Group started coverage on ITT in a report on Tuesday, January 23rd. They issued a “sell” rating and a $55.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $55.88.
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ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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