Stone Ridge Asset Management LLC bought a new stake in ITT Inc. (NYSE:ITT) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 36,364 shares of the conglomerate’s stock, valued at approximately $1,941,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Creative Planning purchased a new position in shares of ITT in the 4th quarter valued at $205,000. Alps Advisors Inc. purchased a new position in shares of ITT in the 4th quarter valued at $209,000. AXA purchased a new position in shares of ITT in the 4th quarter valued at $219,000. Burney Co. purchased a new position in shares of ITT in the 4th quarter valued at $222,000. Finally, Portland Global Advisors LLC purchased a new position in shares of ITT in the 4th quarter valued at $232,000. 94.22% of the stock is currently owned by hedge funds and other institutional investors.
In other ITT news, CFO Thomas M. Scalera sold 9,215 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $49.77, for a total transaction of $458,630.55. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company 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 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05. ITT had a net margin of 4.39% and a return on equity of 14.65%. The company had revenue of $683.60 million for the quarter, compared to the consensus estimate of $635.71 million. During the same period last year, the firm posted $0.48 EPS. ITT’s revenue for the quarter was up 16.2% on a year-over-year basis. analysts anticipate that ITT Inc. will post 3.08 EPS for the current year.
ITT declared that its Board of Directors has initiated a stock buyback program on Friday, February 16th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 12th will be given a dividend of $0.134 per share. This is an increase from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, March 9th. ITT’s dividend payout ratio (DPR) is presently 42.19%.
ITT has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $63.00 target price (up from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Finally, UBS Group initiated coverage on shares of ITT in a research report on Tuesday, January 23rd. They issued a “sell” rating and a $55.00 target price on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $55.88.
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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