TimesSquare Capital Management LLC increased its position in shares of ITT Inc. (NYSE:ITT) by 21.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,092,300 shares of the conglomerate’s stock after buying an additional 191,800 shares during the period. TimesSquare Capital Management LLC’s holdings in ITT were worth $44,806,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Employees Retirement System of Texas bought a new stake in ITT during the fourth quarter worth approximately $3,471,000. Pacad Investment Ltd. raised its stake in ITT by 47.7% in the fourth quarter. Pacad Investment Ltd. now owns 6,500 shares of the conglomerate’s stock worth $251,000 after buying an additional 2,100 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in ITT during the fourth quarter worth approximately $503,000. Thompson Siegel & Walmsley LLC bought a new stake in ITT during the fourth quarter worth approximately $21,163,000. Finally, Elkfork Partners LLC bought a new stake in ITT during the fourth quarter worth approximately $185,000. Hedge funds and other institutional investors own 91.15% of the company’s stock.
ITT Inc. (ITT) traded up 2.09% during trading on Friday, hitting $39.58. The stock had a trading volume of 620,324 shares. The company has a market capitalization of $3.51 billion, a P/E ratio of 18.24 and a beta of 1.39. ITT Inc. has a 1-year low of $30.06 and a 1-year high of $44.00. The stock’s 50-day moving average price is $40.21 and its 200-day moving average price is $40.63.
ITT (NYSE:ITT) last announced its quarterly earnings data on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.04. ITT had a net margin of 7.93% and a return on equity of 15.41%. The company had revenue of $625.80 million during the quarter, compared to analyst estimates of $607.08 million. During the same period in the previous year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts expect that ITT Inc. will post $2.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be issued a $0.128 dividend. The ex-dividend date is Thursday, June 8th. This represents a $0.51 dividend on an annualized basis and a yield of 1.29%. ITT’s payout ratio is currently 22.94%.
A number of research firms have commented on ITT. CIBC upgraded ITT from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 16th. Oppenheimer Holdings Inc. upgraded ITT from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Thursday, February 16th. TheStreet lowered ITT from a “b” rating to a “c+” rating in a research report on Tuesday, February 14th. Stifel Nicolaus upped their price target on ITT from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, May 9th. Finally, Goldman Sachs Group Inc downgraded ITT from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $46.00 to $43.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. ITT currently has an average rating of “Buy” and a consensus target price of $45.86.
In related news, CEO Denise L. Ramos sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $41.35, for a total value of $2,067,500.00. Following the completion of the transaction, the chief executive officer now directly owns 308,032 shares in the company, valued at approximately $12,737,123.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Aris C. Chicles sold 28,089 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $41.00, for a total transaction of $1,151,649.00. Following the completion of the transaction, the insider now owns 10,430 shares of the company’s stock, valued at $427,630. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.
ITT Company Profile
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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