Proficio Capital Partners LLC acquired a new position in ITT Inc. (NYSE:ITT – Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 75,390 shares of the conglomerate’s stock, valued at approximately $75,000. Proficio Capital Partners LLC owned 0.09% of ITT at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CVA Family Office LLC grew its position in ITT by 32.1% during the third quarter. CVA Family Office LLC now owns 515 shares of the conglomerate’s stock valued at $34,000 after buying an additional 125 shares during the period. Bell Investment Advisors Inc lifted its holdings in ITT by 449.4% during the fourth quarter. Bell Investment Advisors Inc now owns 445 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 364 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new position in shares of ITT in the fourth quarter worth about $40,000. FNY Investment Advisers LLC purchased a new position in ITT during the first quarter worth about $43,000. Finally, Exchange Traded Concepts LLC purchased a new position in ITT during the first quarter worth about $71,000. Institutional investors and hedge funds own 91.15% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on ITT. Robert W. Baird upped their target price on shares of ITT from $100.00 to $101.00 in a research note on Friday, May 5th. Stifel Nicolaus reduced their target price on shares of ITT from $107.00 to $106.00 and set a “buy” rating for the company in a research note on Monday, April 17th. Finally, StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.83.
ITT Stock Performance
ITT (NYSE:ITT – Free Report) last announced its quarterly earnings results on Thursday, May 4th. The conglomerate reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.07. The firm had revenue of $797.90 million for the quarter, compared to analysts’ expectations of $777.24 million. ITT had a net margin of 12.82% and a return on equity of 17.85%. ITT’s revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share. As a group, sell-side analysts expect that ITT Inc. will post 4.87 earnings per share for the current fiscal year.
ITT Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Friday, June 9th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, June 8th. This represents a $1.16 dividend on an annualized basis and a yield of 1.25%. ITT’s dividend payout ratio (DPR) is 24.63%.
ITT Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.
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