State of Tennessee Treasury Department acquired a new stake in ITT Inc (NYSE:ITT) in the third quarter, according to its most recent filing with the SEC. The fund acquired 40,000 shares of the conglomerate’s stock, valued at approximately $2,448,000.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in ITT by 3.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,472 shares of the conglomerate’s stock valued at $3,567,000 after buying an additional 1,674 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of ITT by 6.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,173,231 shares of the conglomerate’s stock valued at $76,822,000 after purchasing an additional 69,387 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of ITT by 34.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 26,120 shares of the conglomerate’s stock valued at $1,597,000 after purchasing an additional 6,668 shares in the last quarter. Artemis Investment Management LLP grew its position in shares of ITT by 1.9% during the 2nd quarter. Artemis Investment Management LLP now owns 308,587 shares of the conglomerate’s stock valued at $20,145,000 after purchasing an additional 5,900 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of ITT by 24.7% during the 2nd quarter. Point72 Asset Management L.P. now owns 98,633 shares of the conglomerate’s stock valued at $6,458,000 after purchasing an additional 19,533 shares in the last quarter. Institutional investors and hedge funds own 89.43% of the company’s stock.

In other news, insider Farrokh Batliwala sold 4,400 shares of ITT stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $69.51, for a total transaction of $305,844.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.00% of the company’s stock.

ITT opened at $68.35 on Friday. ITT Inc has a one year low of $44.89 and a one year high of $70.43. The firm has a market capitalization of $6.05 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 1.92 and a beta of 1.60. The company has a fifty day moving average price of $60.70 and a 200-day moving average price of $60.69.

ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.07. ITT had a net margin of 11.00% and a return on equity of 16.92%. The company had revenue of $711.90 million during the quarter, compared to the consensus estimate of $707.57 million. During the same period in the previous year, the firm posted $0.82 EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. Research analysts forecast that ITT Inc will post 3.74 earnings per share for the current year.

ITT announced that its board has initiated a share repurchase program on Friday, November 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the conglomerate to purchase up to 8.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.147 per share. This represents a $0.59 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Friday, December 6th. ITT’s dividend payout ratio is currently 18.27%.

A number of research firms have recently commented on ITT. KeyCorp boosted their price target on shares of ITT from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Robert W. Baird set a $75.00 price target on shares of ITT and gave the company a “buy” rating in a research report on Friday, November 1st. Zacks Investment Research upgraded shares of ITT from a “sell” rating to a “hold” rating and set a $63.00 price target for the company in a research report on Monday, October 14th. ValuEngine upgraded shares of ITT from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Oppenheimer set a $72.00 price target on shares of ITT and gave the company a “buy” rating in a research report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $68.17.

About ITT

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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.

Further Reading: 52-Week High/Low

Institutional Ownership by Quarter for ITT (NYSE:ITT)

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