JPMorgan Chase & Co. lessened its holdings in ITT Inc. (NYSE:ITT - Free Report) by 7.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,807,479 shares of the conglomerate's stock after selling 470,829 shares during the period. JPMorgan Chase & Co. owned approximately 7.13% of ITT worth $868,276,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. M&T Bank Corp raised its holdings in shares of ITT by 1.3% in the 3rd quarter. M&T Bank Corp now owns 5,334 shares of the conglomerate's stock worth $797,000 after buying an additional 69 shares in the last quarter. CIBC Asset Management Inc grew its position in ITT by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,409 shares of the conglomerate's stock valued at $360,000 after acquiring an additional 87 shares during the period. Round Rock Advisors LLC raised its stake in ITT by 0.4% during the third quarter. Round Rock Advisors LLC now owns 20,319 shares of the conglomerate's stock worth $3,038,000 after acquiring an additional 90 shares in the last quarter. Tectonic Advisors LLC lifted its holdings in shares of ITT by 3.3% during the third quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate's stock valued at $437,000 after acquiring an additional 93 shares during the period. Finally, AE Wealth Management LLC boosted its stake in shares of ITT by 5.9% in the 2nd quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate's stock valued at $233,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 91.59% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on ITT shares. Stifel Nicolaus increased their target price on shares of ITT from $171.00 to $180.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. Wolfe Research assumed coverage on shares of ITT in a research note on Wednesday, December 11th. They issued a "peer perform" rating for the company. Robert W. Baird decreased their price target on ITT from $165.00 to $163.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. TD Cowen raised their price target on ITT from $150.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Finally, KeyCorp boosted their price objective on ITT from $155.00 to $164.00 and gave the stock an "overweight" rating in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, ITT currently has an average rating of "Moderate Buy" and an average price target of $166.75.
Check Out Our Latest Analysis on ITT
ITT Trading Down 0.7 %
Shares of ITT traded down $1.06 during trading hours on Friday, hitting $143.45. 171,595 shares of the stock traded hands, compared to its average volume of 291,515. The business has a fifty day moving average of $150.07 and a 200-day moving average of $141.67. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $11.69 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.40. ITT Inc. has a 1-year low of $113.70 and a 1-year high of $161.13.
ITT (NYSE:ITT - Get Free Report) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.03. The company had revenue of $885.20 million for the quarter, compared to analyst estimates of $884.50 million. ITT had a net margin of 13.67% and a return on equity of 17.98%. The company's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 EPS. Analysts expect that ITT Inc. will post 5.84 EPS for the current year.
ITT Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 dividend on an annualized basis and a yield of 0.89%. ITT's dividend payout ratio is presently 21.84%.
About ITT
(
Free Report)
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.
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