Commerce Bank Raises Stake in ITT Inc. (ITT)
Commerce Bank lifted its stake in shares of ITT Inc. (NYSE:ITT) by 16.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,169 shares of the conglomerate’s stock after acquiring an additional 1,182 shares during the period. Commerce Bank’s holdings in ITT were worth $328,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of ITT. Nationwide Fund Advisors increased its position in shares of ITT by 1.9% during the first quarter. Nationwide Fund Advisors now owns 174,414 shares of the conglomerate’s stock worth $7,154,000 after acquiring an additional 3,302 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of ITT by 4.8% during the first quarter. Janney Montgomery Scott LLC now owns 6,033 shares of the conglomerate’s stock worth $248,000 after acquiring an additional 277 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of ITT by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 31,084 shares of the conglomerate’s stock worth $1,275,000 after acquiring an additional 400 shares in the last quarter. Great West Life Assurance Co. Can increased its position in shares of ITT by 4.0% during the first quarter. Great West Life Assurance Co. Can now owns 52,033 shares of the conglomerate’s stock worth $2,133,000 after acquiring an additional 2,005 shares in the last quarter. Finally, State Treasurer State of Michigan increased its position in shares of ITT by 0.8% during the first quarter. State Treasurer State of Michigan now owns 35,800 shares of the conglomerate’s stock worth $1,469,000 after acquiring an additional 300 shares in the last quarter. 93.06% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on ITT shares. BidaskClub raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. 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. Stifel Nicolaus reaffirmed a “buy” rating and issued a $49.00 target price on shares of ITT in a research report on Wednesday, August 16th. 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 company 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, three have issued a hold rating and seven have given a buy rating to the company’s stock. ITT presently has an average rating of “Hold” and a consensus target price of $46.29.
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ITT Inc. (ITT) opened at 40.08 on Monday. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $44.00. The company has a 50-day moving average of $40.39 and a 200-day moving average of $40.33. The company has a market cap of $3.53 billion, a P/E ratio of 17.16 and a beta of 1.46.
ITT (NYSE:ITT) last posted its earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. ITT had a net margin of 8.64% and a return on equity of 14.17%. The firm had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. During the same quarter in the prior year, the business posted $0.67 EPS. The business’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts expect that ITT Inc. will post $2.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be paid a $0.128 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.51 annualized dividend and a dividend yield of 1.28%. ITT’s payout ratio is 21.70%.
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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