GAM Holding AG cut its position in ITT Inc (NYSE:ITT) by 35.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,194 shares of the conglomerate’s stock after selling 3,913 shares during the period. GAM Holding AG’s holdings in ITT were worth $376,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in ITT. Foresters Investment Management Company Inc. lifted its position in shares of ITT by 1.2% during the first quarter. Foresters Investment Management Company Inc. now owns 150,100 shares of the conglomerate’s stock worth $7,352,000 after purchasing an additional 1,800 shares in the last quarter. Sun Life Financial INC acquired a new position in shares of ITT during the second quarter worth approximately $375,000. Quantbot Technologies LP acquired a new position in shares of ITT during the first quarter worth approximately $772,000. Amundi Pioneer Asset Management Inc. lifted its position in shares of ITT by 5.1% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 67,635 shares of the conglomerate’s stock worth $3,313,000 after purchasing an additional 3,259 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of ITT by 2.6% during the first quarter. Principal Financial Group Inc. now owns 384,879 shares of the conglomerate’s stock worth $18,851,000 after purchasing an additional 9,914 shares in the last quarter. Hedge funds and other institutional investors own 91.04% of the company’s stock.
ITT opened at $59.03 on Thursday. The company has a market cap of $5.18 billion, a P/E ratio of 21.73, a price-to-earnings-growth ratio of 1.53 and a beta of 1.67. ITT Inc has a fifty-two week low of $39.08 and a fifty-two week high of $63.04.
ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.04. The business had revenue of $696.80 million during the quarter, compared to the consensus estimate of $685.80 million. ITT had a net margin of 7.02% and a return on equity of 15.40%. ITT’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.55 earnings per share. analysts predict that ITT Inc will post 3.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Monday, September 10th will be paid a dividend of $0.134 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, September 7th. ITT’s dividend payout ratio (DPR) is 20.85%.
A number of equities analysts have recently issued reports on the stock. Oppenheimer set a $60.00 target price on shares of ITT and gave the stock a “buy” rating in a research report on Tuesday, July 10th. Stifel Nicolaus upped their target price 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 reiterated a “buy” rating and set a $69.00 target price on shares of ITT in a research report on Tuesday, August 7th. UBS Group boosted their price target on shares of ITT from $57.00 to $60.00 and gave the stock a “sell” rating in a research note on Thursday, August 30th. Finally, ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. One research analyst has rated the stock with a sell rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $63.90.
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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