Welch & Forbes LLC Acquires New Stake in ITT Inc (ITT)

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Welch & Forbes LLC acquired a new position in ITT Inc (NYSE:ITT) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,400 shares of the conglomerate’s stock, valued at approximately $208,000.

Several other hedge funds also recently bought and sold shares of ITT. Principal Financial Group Inc. increased its position in shares of ITT by 2.6% in 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 during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in ITT by 56.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 18,006 shares of the conglomerate’s stock worth $882,000 after buying an additional 6,481 shares in the last quarter. UBS Group AG boosted its stake in ITT by 144.3% in the first quarter. UBS Group AG now owns 135,338 shares of the conglomerate’s stock worth $6,629,000 after buying an additional 79,935 shares in the last quarter. Jane Street Group LLC boosted its stake in ITT by 80.0% in the first quarter. Jane Street Group LLC now owns 9,001 shares of the conglomerate’s stock worth $441,000 after buying an additional 4,001 shares in the last quarter. Finally, LPL Financial LLC purchased a new stake in ITT in the first quarter worth approximately $262,000. Institutional investors own 90.58% of the company’s stock.

Several analysts have issued reports on ITT shares. Zacks Investment Research raised ITT from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, September 18th. KeyCorp upped their target price on ITT from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Monday, August 6th. Oppenheimer reaffirmed a “buy” rating and issued a $67.00 target price (up previously from $60.00) on shares of ITT in a research note on Friday, August 3rd. UBS Group upped their target price on ITT from $57.00 to $60.00 and gave the stock a “sell” rating in a research note on Thursday, August 30th. Finally, DA Davidson set a $70.00 target price on ITT and gave the stock a “buy” rating in a research note 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 issued a buy rating to the company’s stock. ITT has a consensus rating of “Buy” and a consensus price target of $66.13.

Shares of ITT opened at $50.59 on Friday. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.33 and a beta of 1.65. ITT Inc has a 1 year low of $46.05 and a 1 year high of $63.04.

ITT (NYSE:ITT) last released its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $696.80 million during the quarter, compared to analyst estimates of $685.80 million. ITT had a return on equity of 15.40% and a net margin of 7.02%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.55 earnings per share. As a group, equities analysts expect that ITT Inc will post 3.14 EPS for the current year.

The business 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. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, December 6th. ITT’s dividend payout ratio (DPR) is presently 20.85%.

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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