Norges Bank Buys Shares of 940,881 ITT Inc. (NYSE:ITT)

Norges Bank purchased a new position in shares of ITT Inc. (NYSE:ITT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 940,881 shares of the conglomerate's stock, valued at approximately $134,433,000. Norges Bank owned approximately 1.15% of ITT at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in ITT during the 4th quarter valued at about $73,762,000. Proficio Capital Partners LLC purchased a new stake in shares of ITT during the fourth quarter worth about $19,345,000. Boston Partners increased its holdings in shares of ITT by 7.0% during the fourth quarter. Boston Partners now owns 930,069 shares of the conglomerate's stock valued at $132,915,000 after acquiring an additional 61,132 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of ITT by 34.0% in the 4th quarter. TimesSquare Capital Management LLC now owns 198,550 shares of the conglomerate's stock valued at $28,369,000 after purchasing an additional 50,384 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in ITT in the 3rd quarter worth approximately $7,075,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ITT shares. Citigroup decreased their price target on shares of ITT from $183.00 to $181.00 and set a "buy" rating for the company in a report on Monday, January 13th. Wolfe Research initiated coverage on ITT in a research report on Wednesday, December 11th. They set a "peer perform" rating for the company. StockNews.com raised ITT from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. UBS Group lifted their target price on ITT from $165.00 to $168.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, KeyCorp increased their price target on shares of ITT from $164.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $170.29.

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ITT Stock Performance

NYSE:ITT traded down $6.53 during trading hours on Friday, reaching $113.03. The company had a trading volume of 1,313,825 shares, compared to its average volume of 412,101. The firm has a market cap of $9.20 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 1.89 and a beta of 1.36. ITT Inc. has a 1-year low of $109.49 and a 1-year high of $161.13. The business's 50 day moving average price is $139.91 and its 200-day moving average price is $145.67. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 0.96.

ITT (NYSE:ITT - Get Free Report) last posted its earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. Research analysts forecast that ITT Inc. will post 6.51 EPS for the current year.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 6th were paid a $0.351 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.24%. This is a boost from ITT's previous quarterly dividend of $0.32. ITT's dividend payout ratio (DPR) is currently 22.22%.

ITT Profile

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.