State Board of Administration of Florida Retirement System increased its position in shares of ITT Inc (NYSE:ITT) by 4.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,623 shares of the conglomerate’s stock after purchasing an additional 5,738 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.14% of ITT worth $8,291,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in ITT by 8.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,691,522 shares of the conglomerate’s stock worth $81,647,000 after purchasing an additional 138,213 shares during the period. Geode Capital Management LLC raised its stake in shares of ITT by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 869,862 shares of the conglomerate’s stock valued at $41,988,000 after acquiring an additional 45,182 shares during the last quarter. Strs Ohio raised its stake in shares of ITT by 7.9% in the first quarter. Strs Ohio now owns 7,199 shares of the conglomerate’s stock valued at $417,000 after acquiring an additional 527 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of ITT in the first quarter valued at approximately $286,000. Finally, Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of ITT by 247.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 55,860 shares of the conglomerate’s stock valued at $3,240,000 after acquiring an additional 39,790 shares during the last quarter. Hedge funds and other institutional investors own 89.67% of the company’s stock.
A number of research firms have recently issued reports on ITT. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Wednesday, June 12th. Oppenheimer set a $72.00 target price on shares of ITT and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $66.20.
ITT (NYSE:ITT) last released its earnings results on Friday, August 2nd. The conglomerate reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.04. The firm had revenue of $719.90 million during the quarter, compared to analyst estimates of $703.80 million. ITT had a net margin of 10.85% and a return on equity of 16.68%. During the same quarter in the previous year, the business earned $0.82 EPS. Equities research analysts expect that ITT Inc will post 3.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be given a dividend of $0.147 per share. The ex-dividend date is Monday, September 9th. This represents a $0.59 annualized dividend and a yield of 1.09%. ITT’s dividend payout ratio (DPR) is presently 18.27%.
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.
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