Pinnacle Financial Partners Inc. Purchases New Stake in ITT Inc. (ITT)
Pinnacle Financial Partners Inc. purchased a new position in ITT Inc. (NYSE:ITT) during the second quarter, Holdings Channel reports. The fund purchased 2,623 shares of the conglomerate’s stock, valued at approximately $105,000.
Several other institutional investors have also added to or reduced their stakes in ITT. Timber Hill LLC acquired a new position in ITT during the first quarter worth $201,000. Coastline Trust Co acquired a new position in ITT during the first quarter worth $205,000. Raymond James Financial Services Advisors Inc. acquired a new position in ITT during the first quarter worth $214,000. Stephens Inc. AR acquired a new position in ITT during the first quarter worth $222,000. Finally, World Asset Management Inc boosted its position in ITT by 0.3% in the first quarter. World Asset Management Inc now owns 5,487 shares of the conglomerate’s stock worth $225,000 after buying an additional 19 shares in the last quarter. Institutional investors and hedge funds own 95.19% of the company’s stock.
ITT Inc. (ITT) opened at 40.34 on Wednesday. ITT Inc. has a one year low of $32.46 and a one year high of $44.00. The company’s 50-day moving average price is $40.92 and its 200-day moving average price is $40.52. The stock has a market capitalization of $3.55 billion, a PE ratio of 17.28 and a beta of 1.47.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The company had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 earnings per share. Equities research analysts predict that ITT Inc. will post $2.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be paid a dividend of $0.128 per share. The ex-dividend date is Friday, September 8th. This represents a $0.51 annualized dividend and a yield of 1.27%. ITT’s dividend payout ratio is presently 21.70%.
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A number of equities analysts have recently weighed in on the company. BidaskClub upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research cut ITT from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Stifel Nicolaus increased their price target on ITT from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, May 9th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $46.00 to $43.00 in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. ITT has a consensus rating of “Buy” and a consensus price target of $46.57.
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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