ITT Inc. $ITT Stake Boosted by New York Life Investment Management LLC

New York Life Investment Management LLC grew its position in ITT Inc. (NYSE:ITT) by 23.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,058 shares of the conglomerate’s stock after purchasing an additional 2,464 shares during the period. New York Life Investment Management LLC’s holdings in ITT were worth $2,635,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in ITT in the 2nd quarter worth about $1,715,593,000. Findlay Park Partners LLP purchased a new stake in ITT in the 2nd quarter valued at about $276,395,000. Bank of America Corp DE lifted its position in shares of ITT by 20.4% during the 1st quarter. Bank of America Corp DE now owns 902,638 shares of the conglomerate’s stock worth $171,980,000 after buying an additional 152,635 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of ITT by 16.5% during the 2nd quarter. Wellington Management Group LLP now owns 825,147 shares of the conglomerate’s stock worth $163,181,000 after buying an additional 117,155 shares in the last quarter. Finally, Jupiter Topco LLC bought a new position in shares of ITT during the 2nd quarter worth approximately $127,872,000. 91.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ITT has been the subject of several recent analyst reports. DA Davidson upped their target price on ITT from $255.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Stifel Nicolaus lifted their price target on ITT from $256.00 to $259.00 and gave the stock a “buy” rating in a report on Monday, November 9th. KeyCorp lifted their price target on ITT from $250.00 to $263.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. BMO Capital Markets reissued an “outperform” rating and issued a $273.00 price objective on shares of ITT in a research report on Friday, August 7th. Finally, Weiss Ratings upgraded ITT from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, November 9th. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $258.78.

Insider Buying and Selling at ITT

In other news, CAO Graziano De sold 500 shares of the stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $214.01, for a total transaction of $107,005.00. Following the completion of the transaction, the chief accounting officer owned 6,659 shares in the company, valued at approximately $1,425,092.59. This represents a 6.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Luca Savi acquired 5,019 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $199.56 per share, with a total value of $1,001,591.64. Following the acquisition, the chief executive officer owned 267,373 shares in the company, valued at $53,356,955.88. The trade was a 1.91% increase in their position. The SEC filing for this purchase provides additional information. 0.88% of the stock is currently owned by corporate insiders.

ITT Stock Performance

ITT traded down $3.48 during midday trading on Friday, reaching $211.11. The company had a trading volume of 713,022 shares, compared to its average volume of 933,253. ITT Inc. has a 12-month low of $166.96 and a 12-month high of $230.32. The business has a 50-day moving average price of $202.59 and a two-hundred day moving average price of $200.12. The stock has a market cap of $18.83 billion, a PE ratio of 43.44, a P/E/G ratio of 1.52 and a beta of 1.25. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.85 and a current ratio of 1.29.

ITT (NYSE:ITT) last issued its quarterly earnings results on Wednesday, November 4th. The conglomerate reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.18. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.42 billion. ITT had a net margin of 8.07% and a return on equity of 15.47%. ITT’s quarterly revenue was up 44.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. On average, sell-side analysts expect that ITT Inc. will post 8.60 earnings per share for the current fiscal year.

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be issued a dividend of $0.3860 per share. This represents a $1.54 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, December 4th. ITT’s dividend payout ratio is 31.69%.

ITT Company Profile

ITT Inc. is a global manufacturer of engineered components and technology serving industrial, transportation, aerospace and defense, and energy markets. Its products include pumps and valves, brake pads and shock absorbers, and specialized connectors and control components. The company operates through three main businesses: Motion Technologies, Industrial Process, and Connect & Control Technologies. These businesses provide products and services used in applications ranging from automotive braking systems and industrial fluid handling to aerospace equipment and energy infrastructure.