Prelude Capital Management LLC Acquires New Stake in ITT Inc. (NYSE:ITT)

Posted by on Mar 14th, 2023

Prelude Capital Management LLC acquired a new stake in shares of ITT Inc. (NYSE:ITT – Get Rating) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,263 shares of the conglomerate’s stock, valued at approximately $344,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Renaissance Technologies LLC bought a new position in ITT during the first quarter valued at approximately $35,055,000. Massachusetts Financial Services Co. MA increased its holdings in ITT by 36.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,635,478 shares of the conglomerate’s stock worth $109,969,000 after purchasing an additional 438,894 shares during the period. Goldman Sachs Group Inc. increased its holdings in ITT by 58.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock worth $68,741,000 after purchasing an additional 336,860 shares during the period. Millennium Management LLC increased its holdings in shares of ITT by 36.6% in the 2nd quarter. Millennium Management LLC now owns 794,297 shares of the conglomerate’s stock valued at $53,409,000 after acquiring an additional 212,615 shares during the period. Finally, Capital Group Private Client Services Inc. increased its holdings in shares of ITT by 35.5% in the 1st quarter. Capital Group Private Client Services Inc. now owns 689,486 shares of the conglomerate’s stock valued at $51,856,000 after acquiring an additional 180,753 shares during the period. Hedge funds and other institutional investors own 90.16% of the company’s stock.

ITT Trading Down 2.1 %

ITT stock opened at $84.64 on Tuesday. The firm has a 50 day moving average of $89.44 and a 200-day moving average of $80.63. ITT Inc. has a 12-month low of $63.77 and a 12-month high of $95.18. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 1.46 and a beta of 1.43.

ITT (NYSE:ITT – Get Rating) last issued its quarterly earnings data on Thursday, February 9th. The conglomerate reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $774.60 million during the quarter, compared to analysts’ expectations of $766.82 million. ITT had a net margin of 12.28% and a return on equity of 17.63%. The company’s revenue was up 13.0% on a year-over-year basis. During the same period last year, the company posted $1.06 EPS. Sell-side analysts forecast that ITT Inc. will post 4.81 earnings per share for the current fiscal year.

ITT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Thursday, March 9th will be issued a dividend of $0.29 per share. This is a positive change from ITT’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Wednesday, March 8th. This represents a $1.16 annualized dividend and a dividend yield of 1.37%. ITT’s payout ratio is presently 26.42%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. StockNews.com raised ITT from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 28th. Stifel Nicolaus lifted their price target on ITT from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, January 20th. Robert W. Baird lifted their price target on ITT from $92.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, February 10th. Citigroup boosted their price objective on ITT from $94.00 to $101.00 and gave the stock a “buy” rating in a research note on Monday, February 13th. Finally, DA Davidson boosted their target price on ITT from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, February 13th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.30.

ITT Company Profile

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ITT, Inc engages in the manufacture and sale of engineered components and customized technology solutions primarily for the transportation, industrial, and energy markets. It operates through the following segments: Motion Technologies, Industrial Process, Connect and Control Technologies, and Corporate and Other.

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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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