Gamco Investors INC. ET AL Decreases Position in ITT Inc. (ITT)
Gamco Investors INC. ET AL lowered its stake in shares of ITT Inc. (NYSE:ITT) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 783,909 shares of the conglomerate’s stock after selling 21,100 shares during the period. Gamco Investors INC. ET AL’s holdings in ITT were worth $31,497,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Pinnacle Financial Partners Inc. bought a new position in shares of ITT during the second quarter valued at $105,000. Timber Hill LLC bought a new position in shares of ITT during the first quarter valued at $201,000. Coastline Trust Co bought a new position in shares of ITT during the first quarter valued at $205,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of ITT during the first quarter valued at $214,000. Finally, Stephens Inc. AR bought a new position in shares of ITT during the first quarter valued at $222,000. Hedge funds and other institutional investors own 95.19% of the company’s stock.
Shares of ITT Inc. (ITT) opened at 39.10 on Friday. The company has a market capitalization of $3.44 billion, a P/E ratio of 16.75 and a beta of 1.47. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $44.00. The stock’s 50 day moving average is $40.94 and its 200 day moving average is $40.50.
ITT (NYSE:ITT) last issued its earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.02. The business had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.67 earnings per share. Equities analysts expect that ITT Inc. will post $2.46 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be issued a $0.128 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.51 annualized dividend and a yield of 1.31%. ITT’s dividend payout ratio (DPR) is presently 21.70%.
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Several research firms have recently commented on ITT. BidaskClub raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stifel Nicolaus reissued a “buy” rating and set a $49.00 target price on shares of ITT in a research report on Wednesday. Zacks Investment Research downgraded shares of ITT from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of ITT from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $46.00 to $43.00 in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. ITT has a consensus rating of “Buy” and an average target price of $46.29.
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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