ITT Inc. (ITT) Position Boosted by JPMorgan Chase & Co.
JPMorgan Chase & Co. boosted its holdings in shares of ITT Inc. (NYSE:ITT) by 24.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 509,682 shares of the conglomerate’s stock after acquiring an additional 99,335 shares during the quarter. JPMorgan Chase & Co. owned 0.58% of ITT worth $20,480,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of ITT. Janney Montgomery Scott LLC boosted its holdings in ITT by 4.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,033 shares of the conglomerate’s stock valued at $248,000 after acquiring an additional 277 shares during the period. Great West Life Assurance Co. Can boosted its holdings in ITT by 4.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 52,033 shares of the conglomerate’s stock valued at $2,133,000 after acquiring an additional 2,005 shares during the period. Bank of New York Mellon Corp boosted its holdings in ITT by 3.9% during the 1st quarter. Bank of New York Mellon Corp now owns 1,121,451 shares of the conglomerate’s stock valued at $46,001,000 after acquiring an additional 42,053 shares during the period. World Asset Management Inc boosted its holdings in ITT by 0.3% during the 1st quarter. World Asset Management Inc now owns 5,487 shares of the conglomerate’s stock valued at $225,000 after acquiring an additional 19 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its holdings in ITT by 20.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 69,398 shares of the conglomerate’s stock valued at $2,847,000 after acquiring an additional 11,580 shares during the period. Institutional investors own 92.59% of the company’s stock.
A number of equities analysts recently issued reports on ITT shares. Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $46.00 to $43.00 in a report on Tuesday, June 6th. BidaskClub upgraded ITT from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $46.00 target price for the company in a report on Tuesday, July 18th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $49.00 target price on shares of ITT in a report on Wednesday, August 16th. 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. ITT currently has a consensus rating of “Hold” and a consensus price target of $46.29.
Shares of ITT Inc. (NYSE ITT) opened at 43.39 on Thursday. The stock has a market capitalization of $3.82 billion, a PE ratio of 18.58 and a beta of 1.46. ITT Inc. has a one year low of $32.46 and a one year high of $44.00. The firm has a 50 day moving average price of $40.49 and a 200 day moving average price of $40.30.
ITT (NYSE:ITT) last released its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. ITT had a return on equity of 14.17% and a net margin of 8.64%. The business had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. During the same period last year, the business posted $0.67 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. Analysts predict that ITT Inc. will post $2.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be given a dividend of $0.128 per share. The ex-dividend date is Friday, September 8th. This represents a $0.51 annualized dividend and a dividend yield of 1.18%. ITT’s dividend payout ratio is currently 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.20% of the company’s stock.
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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