ITT Inc (NYSE:ITT) Stock Holdings Increased by WBI Investments Inc.
WBI Investments Inc. increased its holdings in ITT Inc (NYSE:ITT) by 108.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,899 shares of the conglomerate’s stock after purchasing an additional 12,959 shares during the quarter. WBI Investments Inc.’s holdings in ITT were worth $1,631,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ITT. Field & Main Bank bought a new stake in shares of ITT in the 1st quarter worth approximately $28,000. Cullen Frost Bankers Inc. bought a new stake in shares of ITT in the 1st quarter worth approximately $87,000. Advisor Group Inc. raised its holdings in shares of ITT by 10.0% in the 4th quarter. Advisor Group Inc. now owns 3,065 shares of the conglomerate’s stock worth $148,000 after purchasing an additional 278 shares in the last quarter. ETF Managers Group LLC raised its holdings in shares of ITT by 10.3% in the 1st quarter. ETF Managers Group LLC now owns 2,937 shares of the conglomerate’s stock worth $170,000 after purchasing an additional 274 shares in the last quarter. Finally, Marshall Wace North America L.P. raised its holdings in shares of ITT by 149.8% in the 1st quarter. Marshall Wace North America L.P. now owns 3,300 shares of the conglomerate’s stock worth $191,000 after purchasing an additional 1,979 shares in the last quarter. Institutional investors and hedge funds own 89.73% of the company’s stock.
ITT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Eutelsat Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a report on Wednesday, June 12th. Oppenheimer set a $312.00 price target on shares of UnitedHealth Group and gave the company a “buy” rating in a report on Friday, July 19th. Stifel Nicolaus upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and boosted their price target for the company from $57.00 to $100.00 in a report on Tuesday, April 16th. Finally, ValuEngine upgraded shares of ZIX from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. ITT currently has an average rating of “Buy” and a consensus price target of $67.25.
ITT (NYSE:ITT) last released its quarterly earnings results on Friday, May 3rd. The conglomerate reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.07. The business had revenue of $695.50 million for the quarter, compared to analyst estimates of $682.49 million. ITT had a net margin of 11.04% and a return on equity of 16.69%. The firm’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 earnings per share. Sell-side analysts expect that ITT Inc will post 3.61 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 10th were paid a $0.147 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.59 annualized dividend and a yield of 0.92%. ITT’s dividend payout ratio is presently 18.27%.
In other ITT news, insider Farrokh Batliwala sold 8,950 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.38, for a total value of $549,351.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas M. Scalera sold 64,135 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.57, for a total transaction of $3,948,791.95. Following the completion of the transaction, the chief financial officer now owns 73,701 shares in the company, valued at approximately $4,537,770.57. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.
ITT Company 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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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