Schwab Charles Investment Management Inc. grew its holdings in ITT Inc. (NYSE:ITT) by 46.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515,458 shares of the conglomerate’s stock after purchasing an additional 164,056 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.58% of ITT worth $20,712,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. purchased a new position in ITT in the 1st quarter worth approximately $214,000. Stephens Inc. AR purchased a new position in ITT in the 1st quarter worth approximately $222,000. World Asset Management Inc lifted its stake in ITT by 0.3% in the 1st quarter. World Asset Management Inc now owns 5,487 shares of the conglomerate’s stock worth $225,000 after purchasing an additional 19 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in ITT by 4.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,033 shares of the conglomerate’s stock worth $248,000 after purchasing an additional 277 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in ITT in the 2nd quarter worth approximately $252,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.
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Shares of ITT Inc. (NYSE ITT) opened at 43.20 on Wednesday. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $44.00. The stock’s 50 day moving average is $40.49 and its 200 day moving average is $40.30. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 18.50 and a beta of 1.46.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The business had revenue of $630.90 million for the quarter, compared to the consensus estimate of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.67 earnings per share. On average, equities analysts expect that ITT Inc. will post $2.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be paid a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Friday, September 8th. ITT’s payout ratio is 21.70%.
A number of research analysts have weighed in on ITT shares. BidaskClub raised shares of ITT from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Tuesday, July 18th. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) lowered shares of ITT from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $46.00 to $43.00 in a research note on Tuesday, June 6th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $49.00 target price on shares of ITT in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $46.29.
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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