Clinton Group Inc. Buys Shares of 7,480 ITT Inc. (ITT)
Clinton Group Inc. purchased a new stake in ITT Inc. (NYSE:ITT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,480 shares of the conglomerate’s stock, valued at approximately $307,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ITT. Russell Investments Group Ltd. purchased a new position in shares of ITT during the fourth quarter valued at $16,022,000. Comerica Bank boosted its position in shares of ITT by 113.9% in the fourth quarter. Comerica Bank now owns 134,171 shares of the conglomerate’s stock valued at $5,667,000 after buying an additional 71,458 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ITT by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,524,124 shares of the conglomerate’s stock valued at $58,785,000 after buying an additional 64,851 shares in the last quarter. FMR LLC boosted its position in shares of ITT by 13.5% in the fourth quarter. FMR LLC now owns 2,365,027 shares of the conglomerate’s stock valued at $91,220,000 after buying an additional 280,981 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of ITT during the fourth quarter valued at $409,000. 94.20% of the stock is owned by institutional investors.
Shares of ITT Inc. (NYSE:ITT) traded down 0.42% during midday trading on Wednesday, reaching $39.85. The company had a trading volume of 17,879 shares. The firm has a market cap of $3.53 billion, a P/E ratio of 18.36 and a beta of 1.35. ITT Inc. has a 52-week low of $30.06 and a 52-week high of $44.00. The company’s 50-day moving average is $40.19 and its 200-day moving average is $40.63.
ITT (NYSE:ITT) last posted its quarterly earnings data on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.04. The company had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. ITT had a return on equity of 14.65% and a net margin of 8.04%. ITT’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. Equities research analysts expect that ITT Inc. will post $2.42 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Monday, June 12th will be given a dividend of $0.128 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.51 annualized dividend and a dividend yield of 1.28%. ITT’s dividend payout ratio is currently 23.50%.
ITT has been the subject of several research reports. TheStreet cut ITT from a “b” rating to a “c+” rating in a research note on Tuesday, February 14th. CIBC raised ITT from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 16th. Oppenheimer Holdings, Inc. raised ITT from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Thursday, February 16th. Stifel Nicolaus raised their target price on ITT from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, February 15th. Finally, Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and decreased their target price for the company from $46.00 to $43.00 in a research note on Tuesday, June 6th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $46.67.
In other news, CEO Denise L. Ramos sold 50,000 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $41.35, for a total transaction of $2,067,500.00. Following the completion of the transaction, the chief executive officer now directly owns 308,032 shares of the company’s stock, valued at $12,737,123.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by corporate insiders.
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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