Citigroup Inc. grew its stake in shares of ITT Inc. (NYSE:ITT) by 446.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,959 shares of the conglomerate’s stock after acquiring an additional 11,403 shares during the quarter. Citigroup Inc.’s holdings in ITT were worth $562,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. acquired a new position in shares of ITT during the 2nd quarter valued at about $105,000. Riverhead Capital Management LLC increased its stake in shares of ITT by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after acquiring an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ITT by 10.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after acquiring an additional 314 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ITT during the 1st quarter valued at about $214,000. Finally, Stephens Inc. AR acquired a new position in shares of ITT during the 1st quarter valued at about $222,000. 92.58% of the stock is owned by institutional investors.
Shares of ITT Inc. (NYSE:ITT) opened at 45.90 on Friday. The firm has a market cap of $4.04 billion, a P/E ratio of 19.66 and a beta of 1.48. The company’s 50-day moving average is $42.61 and its 200-day moving average is $40.83. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $46.76.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The business had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 EPS. Equities research analysts forecast that ITT Inc. will post $2.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.128 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.51 annualized dividend and a dividend yield of 1.12%. ITT’s dividend payout ratio is 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is owned by insiders.
ITT has been the subject of a number of research analyst reports. Robert W. Baird reaffirmed a “buy” rating and set a $51.00 price objective on shares of ITT in a research note on Wednesday, October 4th. BidaskClub downgraded shares of ITT from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Zacks Investment Research downgraded shares of ITT from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 price objective on shares of ITT in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $48.50.
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ITT Company Profile
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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