Paradice Investment Management LLC cut its stake in ITT Inc (NYSE:ITT) by 8.5% in the 3rd quarter, Holdings Channel reports. The firm owned 1,611,389 shares of the conglomerate’s stock after selling 149,645 shares during the quarter. ITT comprises 6.8% of Paradice Investment Management LLC’s investment portfolio, making the stock its largest position. Paradice Investment Management LLC’s holdings in ITT were worth $98,714,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new stake in shares of ITT during the third quarter valued at approximately $128,000. Bessemer Group Inc. increased its position in shares of ITT by 593.9% during the third quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock valued at $173,000 after acquiring an additional 2,423 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of ITT during the third quarter valued at approximately $176,000. CIBC Asset Management Inc purchased a new stake in shares of ITT during the third quarter valued at approximately $206,000. Finally, Welch & Forbes LLC purchased a new stake in shares of ITT during the third quarter valued at approximately $208,000. 88.64% of the stock is owned by hedge funds and other institutional investors.
NYSE:ITT opened at $56.06 on Wednesday. ITT Inc has a 1 year low of $46.10 and a 1 year high of $63.04. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 1.42 and a beta of 1.71.
ITT (NYSE:ITT) last released its earnings results on Friday, November 2nd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.03. ITT had a return on equity of 16.10% and a net margin of 7.80%. The business had revenue of $680.60 million during the quarter, compared to the consensus estimate of $677.36 million. During the same period last year, the business posted $0.66 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities analysts predict that ITT Inc will post 3.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a $0.134 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Thursday, December 6th. ITT’s dividend payout ratio is currently 20.85%.
A number of analysts recently commented on ITT shares. ValuEngine raised ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Oppenheimer reaffirmed a “buy” rating and set a $67.00 price target (up from $60.00) on shares of ITT in a research report on Friday, August 3rd. KeyCorp increased their price target on ITT from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, August 6th. Stifel Nicolaus increased their price target on ITT from $59.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, August 6th. Finally, DA Davidson set a $70.00 price target on ITT and gave the company 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 given a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $66.38.
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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