Millennium Management LLC trimmed its position in ITT Inc (NYSE:ITT) by 58.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 123,024 shares of the conglomerate’s stock after selling 174,428 shares during the quarter. Millennium Management LLC owned approximately 0.14% of ITT worth $6,430,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in ITT. FMR LLC raised its stake in ITT by 17.4% during the 2nd quarter. FMR LLC now owns 6,671,943 shares of the conglomerate’s stock worth $348,743,000 after acquiring an additional 987,111 shares in the last quarter. Boston Partners acquired a new stake in ITT during the 2nd quarter worth $40,647,000. Canada Pension Plan Investment Board raised its stake in ITT by 114.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 583,496 shares of the conglomerate’s stock worth $30,499,000 after acquiring an additional 311,700 shares in the last quarter. OppenheimerFunds Inc. raised its stake in ITT by 94.6% during the 2nd quarter. OppenheimerFunds Inc. now owns 516,914 shares of the conglomerate’s stock worth $27,018,000 after acquiring an additional 251,322 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in ITT by 41.3% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 584,835 shares of the conglomerate’s stock worth $30,569,000 after acquiring an additional 170,921 shares in the last quarter. Institutional investors and hedge funds own 90.67% of the company’s stock.
Several brokerages recently commented on ITT. Seaport Global Securities reiterated a “buy” rating and set a $69.00 price target on shares of ITT in a research note on Tuesday, August 7th. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Wednesday, August 8th. KeyCorp lifted their price target on shares of ITT from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Monday, August 6th. DA Davidson set a $70.00 price target on shares of ITT and gave the stock a “buy” rating in a research note on Monday, August 6th. Finally, Stifel Nicolaus raised their price objective on shares of ITT from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. ITT has an average rating of “Buy” and a consensus price target of $66.13.
Shares of ITT stock opened at $52.84 on Friday. ITT Inc has a 1 year low of $45.96 and a 1 year high of $63.04. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 1.58 and a beta of 1.64.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.04. ITT had a net margin of 7.02% and a return on equity of 15.40%. The company had revenue of $696.80 million for the quarter, compared to the consensus estimate of $685.80 million. During the same period last year, the firm posted $0.55 EPS. ITT’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, equities analysts anticipate that ITT Inc will post 3.14 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 10th were given a dividend of $0.134 per share. This represents a $0.54 annualized dividend and a yield of 1.01%. The ex-dividend date was Friday, September 7th. ITT’s payout ratio is currently 20.85%.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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