Neuberger Berman Group LLC Increases Stake in ITT Inc. (ITT)
Neuberger Berman Group LLC increased its stake in shares of ITT Inc. (NYSE:ITT) by 30.6% during the first quarter, Holdings Channel reports. The firm owned 601,093 shares of the conglomerate’s stock after buying an additional 140,701 shares during the period. Neuberger Berman Group LLC’s holdings in ITT were worth $24,657,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. increased its position in ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the conglomerate’s stock valued at $131,000 after buying an additional 120 shares during the period. Tyers Asset Management LLC bought a new position in ITT during the fourth quarter valued at about $135,000. Elkfork Partners LLC bought a new position in ITT during the fourth quarter valued at about $185,000. Timber Hill LLC bought a new position in ITT during the first quarter valued at about $201,000. Finally, Coastline Trust Co bought a new position in ITT during the first quarter valued at about $205,000. Hedge funds and other institutional investors own 91.15% of the company’s stock.
ITT Inc. (NYSE:ITT) traded up 1.65% during midday trading on Thursday, reaching $38.74. The company’s stock had a trading volume of 182,330 shares. The stock’s 50 day moving average is $40.22 and its 200 day moving average is $40.64. The stock has a market cap of $3.44 billion, a P/E ratio of 17.85 and a beta of 1.39. ITT Inc. has a 12-month low of $30.06 and a 12-month high of $44.00.
ITT (NYSE:ITT) last released its earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.04. The business had revenue of $625.80 million for the quarter, compared to analyst estimates of $607.08 million. ITT had a return on equity of 15.41% and a net margin of 7.93%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 earnings per share. Analysts anticipate that ITT Inc. will post $2.42 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be paid a $0.128 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.34%. ITT’s dividend payout ratio (DPR) is presently 22.94%.
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Several equities research analysts have commented on the company. CIBC upgraded ITT from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 16th. Oppenheimer Holdings Inc. upgraded ITT from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Thursday, February 16th. TheStreet lowered ITT from a “b” rating to a “c+” rating in a research report on Tuesday, February 14th. Stifel Nicolaus upped their price objective on ITT from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, May 9th. Finally, Goldman Sachs Group Inc lowered ITT from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $46.00 to $43.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $45.86.
In related news, insider Aris C. Chicles sold 28,089 shares of ITT stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $41.00, for a total value of $1,151,649.00. Following the sale, the insider now directly owns 10,430 shares in the company, valued at $427,630. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Denise L. Ramos sold 50,000 shares of ITT stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $41.35, for a total value of $2,067,500.00. Following the completion of the sale, the chief executive officer now owns 308,032 shares in the company, valued at $12,737,123.20. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.
ITT Company Profile
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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