Prudential Financial Inc. grew its position in ITT Inc. (NYSE:ITT) by 273.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 203,051 shares of the conglomerate’s stock after acquiring an additional 148,668 shares during the quarter. Prudential Financial Inc. owned about 0.23% of ITT worth $8,159,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pinnacle Financial Partners Inc. purchased a new stake in shares of ITT in the second quarter valued at $105,000. Timber Hill LLC purchased a new stake in shares of ITT in the first quarter valued at $201,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ITT in the first quarter valued at $214,000. Stephens Inc. AR purchased a new stake in shares of ITT in the first quarter valued at $222,000. Finally, World Asset Management Inc raised its stake in shares of ITT by 0.3% in the first quarter. World Asset Management Inc now owns 5,487 shares of the conglomerate’s stock valued at $225,000 after acquiring an additional 19 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently 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 price target 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) downgraded shares of ITT from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $46.00 to $43.00 in a research note on Tuesday, June 6th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $49.00 price target 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 issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $46.75.
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In related news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.
ITT Inc. (NYSE:ITT) opened at 43.29 on Friday. The firm’s 50-day moving average is $40.49 and its 200-day moving average is $40.30. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $44.00. The stock has a market cap of $3.81 billion, a P/E ratio of 18.54 and a beta of 1.46.
ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.02. The firm had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. ITT’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 EPS. Equities research analysts predict that ITT Inc. will post $2.46 earnings per share for the current year.
The firm also recently declared 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 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Friday, September 8th. ITT’s dividend payout ratio is currently 21.70%.
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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