SVB Wealth LLC Acquires Shares of 2,695 ITT Inc. (NYSE:ITT)

SVB Wealth LLC bought a new position in shares of ITT Inc. (NYSE:ITT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 2,695 shares of the conglomerate's stock, valued at approximately $385,000.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp raised its stake in ITT by 1.1% in the 3rd quarter. State Street Corp now owns 2,437,674 shares of the conglomerate's stock valued at $364,457,000 after acquiring an additional 26,133 shares during the period. Geode Capital Management LLC raised its stake in ITT by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,369,021 shares of the conglomerate's stock valued at $204,736,000 after acquiring an additional 8,223 shares during the period. Bank of New York Mellon Corp raised its stake in ITT by 0.5% in the 4th quarter. Bank of New York Mellon Corp now owns 761,599 shares of the conglomerate's stock valued at $108,817,000 after acquiring an additional 3,727 shares during the period. Westfield Capital Management Co. LP raised its stake in ITT by 4.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 669,519 shares of the conglomerate's stock valued at $100,100,000 after acquiring an additional 27,885 shares during the period. Finally, Eagle Asset Management Inc. bought a new stake in ITT in the 3rd quarter valued at about $67,503,000. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ITT shares. Citigroup lowered their price objective on ITT from $183.00 to $181.00 and set a "buy" rating on the stock in a research note on Monday, January 13th. Wolfe Research initiated coverage on ITT in a 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 company a "buy" rating in a report on Friday, February 7th. Finally, Stifel Nicolaus reduced their target price on ITT from $180.00 to $179.00 and set a "buy" rating for the company in a report on Friday, January 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, ITT presently has an average rating of "Moderate Buy" and an average target price of $168.38.

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ITT Price Performance

Shares of NYSE ITT traded up $1.32 during midday trading on Friday, hitting $138.82. 541,546 shares of the company's stock were exchanged, compared to its average volume of 425,269. ITT Inc. has a 12-month low of $121.01 and a 12-month high of $161.13. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market cap of $11.30 billion, a price-to-earnings ratio of 22.04, a PEG ratio of 1.89 and a beta of 1.42. The business's fifty day moving average price is $145.31 and its two-hundred day moving average price is $145.90.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The conglomerate reported $1.50 EPS for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a return on equity of 18.03% and a net margin of 14.27%. As a group, research analysts forecast that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be paid a $0.351 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.01%. This is a positive change from ITT's previous quarterly dividend of $0.32. ITT's dividend payout ratio is currently 22.22%.

ITT Company 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.