Teachers Retirement System of The State of Kentucky grew its position in shares of ITT Inc. (NYSE:ITT) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,917 shares of the conglomerate’s stock after purchasing an additional 1,312 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.06% of ITT worth $2,717,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Aperio Group LLC raised its position in shares of ITT by 12.9% during the third quarter. Aperio Group LLC now owns 14,731 shares of the conglomerate’s stock worth $652,000 after acquiring an additional 1,688 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of ITT during the third quarter worth about $329,000. Prudential Financial Inc. raised its position in shares of ITT by 53.5% during the third quarter. Prudential Financial Inc. now owns 311,751 shares of the conglomerate’s stock worth $13,801,000 after acquiring an additional 108,700 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of ITT by 9.3% during the third quarter. New York State Common Retirement Fund now owns 391,047 shares of the conglomerate’s stock worth $17,312,000 after acquiring an additional 33,430 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of ITT by 5.0% during the third quarter. Russell Investments Group Ltd. now owns 620,767 shares of the conglomerate’s stock worth $27,482,000 after acquiring an additional 29,427 shares during the last quarter. 94.22% of the stock is currently owned by hedge funds and other institutional investors.
ITT has been the subject of a number of analyst reports. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Tuesday, January 2nd. Stifel Nicolaus restated a “buy” rating and set a $63.00 price objective (up from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Finally, Oppenheimer restated a “buy” rating and set a $60.00 price objective on shares of ITT in a research report on Thursday, January 18th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $55.88.
Shares of ITT Inc. (NYSE:ITT) opened at $51.63 on Friday. The firm has a market capitalization of $4,553.77, a P/E ratio of 19.93, a price-to-earnings-growth ratio of 1.35 and a beta of 1.59. ITT Inc. has a 1-year low of $36.93 and a 1-year high of $57.62.
ITT (NYSE:ITT) last issued its earnings results on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05. The business had revenue of $683.60 million during the quarter, compared to the consensus estimate of $635.71 million. ITT had a return on equity of 14.65% and a net margin of 4.39%. The firm’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 earnings per share. equities analysts expect that ITT Inc. will post 3.08 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 12th will be issued a $0.134 dividend. This is an increase from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Friday, March 9th. ITT’s payout ratio is presently 42.19%.
ITT announced that its Board of Directors has authorized a share buyback program on Friday, February 16th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
In other ITT news, CFO Thomas M. Scalera sold 9,215 shares of ITT stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total value of $458,630.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.20% of the company’s stock.
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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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