Channing Capital Management LLC Cuts Position in ITT Inc (ITT)

Channing Capital Management LLC reduced its stake in ITT Inc (NYSE:ITT) by 17.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,290 shares of the conglomerate’s stock after selling 74,872 shares during the quarter. Channing Capital Management LLC owned 0.39% of ITT worth $21,152,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ITT. FMR LLC lifted its position in ITT by 17.4% in the 2nd quarter. FMR LLC now owns 6,671,943 shares of the conglomerate’s stock valued at $348,743,000 after acquiring an additional 987,111 shares in the last quarter. Boston Partners bought a new stake in ITT during the 2nd quarter worth about $40,647,000. Eaton Vance Management lifted its position in ITT by 41.4% during the 3rd quarter. Eaton Vance Management now owns 1,097,507 shares of the conglomerate’s stock worth $67,233,000 after buying an additional 321,123 shares in the last quarter. Canada Pension Plan Investment Board lifted its position 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 buying an additional 311,700 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its position 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 buying an additional 251,322 shares in the last quarter. 91.17% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have commented on ITT. Stifel Nicolaus boosted their price target 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. Seaport Global Securities reissued a “buy” rating and set a $69.00 price target on shares of ITT in a research report on Tuesday, August 7th. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Tuesday, November 13th. Oppenheimer set a $68.00 price target on shares of ITT and gave the stock a “buy” rating in a research report on Tuesday, November 27th. Finally, DA Davidson set a $70.00 price target on shares of ITT 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, two have issued a hold rating and seven have given a buy rating to the company. ITT currently has an average rating of “Buy” and an average target price of $66.38.

ITT stock opened at $55.45 on Monday. The stock has a market cap of $4.86 billion, a PE ratio of 18.18, a PEG ratio of 1.43 and a beta of 1.73. ITT Inc has a fifty-two week low of $46.10 and a fifty-two week high of $63.04.

ITT (NYSE:ITT) last released its quarterly earnings data on Friday, November 2nd. The conglomerate reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.03. The company had revenue of $680.60 million for the quarter, compared to analyst estimates of $677.36 million. ITT had a net margin of 7.80% and a return on equity of 16.10%. ITT’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. Research analysts predict that ITT Inc will post 3.15 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a dividend of $0.134 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.54 annualized dividend and a dividend yield of 0.97%. ITT’s dividend payout ratio is presently 20.85%.

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ITT 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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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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