First Republic Investment Management Inc. lessened its stake in shares of ITT Inc. (NYSE:ITT – Free Report) by 6.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,960 shares of the conglomerate’s stock after selling 611 shares during the quarter. First Republic Investment Management Inc.’s holdings in ITT were worth $835,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Greenleaf Trust purchased a new position in shares of ITT in the first quarter worth approximately $202,000. Summit Trail Advisors LLC purchased a new position in shares of ITT in the first quarter worth approximately $233,000. WealthPlan Investment Management LLC boosted its holdings in shares of ITT by 44.0% in the second quarter. WealthPlan Investment Management LLC now owns 1,008 shares of the conglomerate’s stock worth $526,000 after buying an additional 308 shares during the last quarter. Marks Group Wealth Management Inc boosted its holdings in shares of ITT by 2.9% in the second quarter. Marks Group Wealth Management Inc now owns 75,711 shares of the conglomerate’s stock worth $7,057,000 after buying an additional 2,114 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of ITT by 0.7% in the first quarter. Treasurer of the State of North Carolina now owns 36,493 shares of the conglomerate’s stock worth $3,149,000 after buying an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 90.73% of the company’s stock.
Insider Buying and Selling at ITT
In related news, SVP Maurine C. Lembesis sold 4,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $101.44, for a total value of $405,760.00. Following the completion of the transaction, the senior vice president now directly owns 17,146 shares of the company’s stock, valued at approximately $1,739,290.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.60% of the company’s stock.
ITT Stock Performance
ITT (NYSE:ITT – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The conglomerate reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $833.90 million for the quarter, compared to analysts’ expectations of $795.91 million. ITT had a net margin of 13.48% and a return on equity of 18.43%. The business’s revenue was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, research analysts predict that ITT Inc. will post 5.1 EPS for the current fiscal year.
ITT declared that its board has approved a stock repurchase program on Wednesday, October 4th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the conglomerate to buy up to 12.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
ITT Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 1st were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, August 31st. ITT’s payout ratio is 22.61%.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on ITT shares. Bank of America raised their price objective on shares of ITT from $97.00 to $105.00 in a report on Friday, July 14th. TD Cowen lifted their price target on shares of ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, August 29th. Robert W. Baird lifted their price target on shares of ITT from $101.00 to $107.00 and gave the company an “outperform” rating in a report on Friday, August 4th. StockNews.com raised shares of ITT from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, KeyCorp lifted their price target on shares of ITT from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ITT has a consensus rating of “Buy” and an average price target of $108.43.
Check Out Our Latest Stock Analysis on ITT
ITT Company 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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