Massachusetts Financial Services Co. MA increased its stake in shares of ITT Inc. (NYSE:ITT) by 33.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,011,092 shares of the conglomerate’s stock after buying an additional 252,805 shares during the period. Massachusetts Financial Services Co. MA’s holdings in ITT were worth $41,475,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ITT. Ladenburg Thalmann Financial Services Inc. increased its position in shares of 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 shares of ITT during the fourth quarter valued at approximately $135,000. Elkfork Partners LLC bought a new position in shares of ITT during the fourth quarter valued at approximately $185,000. Timber Hill LLC bought a new position in shares of ITT during the first quarter valued at approximately $201,000. Finally, Coastline Trust Co bought a new position in shares of ITT during the first quarter valued at approximately $205,000. Institutional investors own 91.15% of the company’s stock.

Institutional Ownership by Quarter for ITT (NYSE:ITT)

Shares of ITT Inc. (NYSE:ITT) traded up 2.17% during midday trading on Friday, hitting $39.61. 475,127 shares of the stock traded hands. The company has a market capitalization of $3.51 billion, a PE ratio of 18.25 and a beta of 1.39. ITT Inc. has a 12-month low of $30.06 and a 12-month high of $44.00. The firm’s 50 day moving average price is $40.21 and its 200 day moving average price is $40.63.

ITT (NYSE:ITT) last posted its earnings results on Monday, May 8th. The conglomerate reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.04. ITT had a return on equity of 15.41% and a net margin of 7.93%. The business had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. During the same period in the previous year, the business earned $0.59 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. Analysts expect that ITT Inc. will post $2.42 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be given a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a yield of 1.32%. The ex-dividend date is Thursday, June 8th. ITT’s payout ratio is 22.94%.

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Several brokerages have commented on ITT. Goldman Sachs Group Inc downgraded ITT from a “buy” rating to a “neutral” rating and lowered their price target for the company from $46.00 to $43.00 in a report on Tuesday. TheStreet upgraded shares of ITT from a “c+” rating to a “b” rating in a research note on Monday, March 27th. Stifel Nicolaus raised their price objective on shares of ITT from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, February 15th. CIBC upgraded shares of ITT from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 16th. Finally, Oppenheimer Holdings Inc. upgraded shares of ITT from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Thursday, February 16th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. ITT presently has an average rating of “Buy” and a consensus target price of $45.86.

In other news, CEO Denise L. Ramos sold 50,000 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $41.35, for a total value of $2,067,500.00. Following the completion of the transaction, the chief executive officer now directly owns 308,032 shares in the company, valued at approximately $12,737,123.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Aris C. Chicles sold 28,089 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 10,430 shares of the company’s stock, valued at $427,630. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.

About ITT

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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