Axa Purchases 11,000 Shares of ITT Inc. (ITT)
Axa boosted its position in ITT Inc. (NYSE:ITT) by 67.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,400 shares of the conglomerate’s stock after buying an additional 11,000 shares during the period. Axa’s holdings in ITT were worth $1,124,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in ITT. Ladenburg Thalmann Financial Services Inc. increased its stake in ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the conglomerate’s stock worth $131,000 after buying an additional 120 shares in the last quarter. Tyers Asset Management LLC purchased a new stake in ITT during the fourth quarter worth about $135,000. Elkfork Partners LLC purchased a new stake in ITT during the fourth quarter worth about $185,000. Timber Hill LLC purchased a new stake in ITT during the first quarter worth about $201,000. Finally, Coastline Trust Co purchased a new stake in ITT during the first quarter worth about $205,000. 94.20% of the stock is owned by institutional investors and hedge funds.
Shares of ITT Inc. (NYSE:ITT) traded up 1.06% during trading on Friday, hitting $40.08. The stock had a trading volume of 916,899 shares. The stock’s 50-day moving average price is $39.97 and its 200 day moving average price is $40.61. The firm has a market capitalization of $3.56 billion, a P/E ratio of 18.47 and a beta of 1.35. ITT Inc. has a 1-year low of $30.06 and a 1-year high of $44.00.
ITT (NYSE:ITT) last announced its earnings results on Monday, May 8th. The conglomerate reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.04. ITT had a return on equity of 14.65% and a net margin of 8.04%. The company had revenue of $625.80 million for the quarter, compared to analysts’ expectations of $607.08 million. During the same period last year, the firm earned $0.59 EPS. ITT’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts anticipate that ITT Inc. will post $2.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be issued a $0.128 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.51 dividend on an annualized basis and a yield of 1.28%. ITT’s dividend payout ratio is currently 23.50%.
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A number of research firms have issued reports on ITT. TheStreet raised ITT from a “c+” rating to a “b” rating in a research report on Monday, March 27th. Stifel Nicolaus lifted their price target on ITT from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, May 9th. Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and reduced their price target for the company from $46.00 to $43.00 in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded ITT from a “sell” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. ITT currently has an average rating of “Buy” and an average target price of $46.67.
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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