ITT Inc (ITT) Position Lowered by Millennium Management LLC
Millennium Management LLC decreased its stake in ITT Inc (NYSE:ITT) by 58.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,024 shares of the conglomerate’s stock after selling 174,428 shares during the period. Millennium Management LLC’s holdings in ITT were worth $6,430,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of ITT in the second quarter valued at about $211,000. Quantitative Systematic Strategies LLC acquired a new position in ITT during the second quarter worth about $224,000. LPL Financial LLC acquired a new position in ITT during the first quarter worth about $262,000. Sun Life Financial INC acquired a new position in ITT during the second quarter worth about $375,000. Finally, Strs Ohio acquired a new position in ITT during the second quarter worth about $424,000. Hedge funds and other institutional investors own 90.67% of the company’s stock.
A number of brokerages have issued reports on ITT. Seaport Global Securities restated a “buy” rating and set a $69.00 target price on shares of ITT in a research report on Tuesday, August 7th. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research report on Wednesday, August 8th. KeyCorp lifted their target price on shares of ITT from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, August 6th. DA Davidson set a $70.00 target price on shares of ITT and gave the stock a “buy” rating in a research report on Monday, August 6th. Finally, Stifel Nicolaus lifted their target price on shares of ITT from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $66.13.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $696.80 million during the quarter, compared to analyst estimates of $685.80 million. ITT had a net margin of 7.02% and a return on equity of 15.40%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 earnings per share. Analysts forecast that ITT Inc will post 3.14 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were given a $0.134 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Friday, September 7th. ITT’s dividend payout ratio is presently 20.85%.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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