ITT Inc (NYSE:ITT) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,240,000 shares, a drop of 14.5% from the October 31st total of 1,450,000 shares. Based on an average trading volume of 550,900 shares, the short-interest ratio is presently 2.3 days. Approximately 1.4% of the company’s shares are short sold.
Shares of ITT stock traded down $0.76 during trading on Friday, hitting $69.78. 270,359 shares of the company were exchanged, compared to its average volume of 719,238. The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 1.89 and a beta of 1.60. The business’s 50-day simple moving average is $64.76 and its 200 day simple moving average is $61.47. ITT has a twelve month low of $44.89 and a twelve month high of $70.85.
ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, November 1st. The conglomerate reported $0.97 EPS for the quarter, topping the consensus estimate of $0.90 by $0.07. The business had revenue of $711.90 million during the quarter, compared to analysts’ expectations of $707.57 million. ITT had a net margin of 11.00% and a return on equity of 16.92%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted $0.82 earnings per share. On average, equities analysts predict that ITT will post 3.74 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $0.147 per share. This represents a $0.59 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, December 6th. ITT’s dividend payout ratio is currently 18.27%.
ITT announced that its board has approved a stock repurchase program on Friday, November 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the conglomerate to repurchase up to 8.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
In other news, Director Frank T. Macinnis sold 420 shares of ITT stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $69.17, for a total value of $29,051.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Farrokh Batliwala sold 4,400 shares of ITT stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $69.51, for a total transaction of $305,844.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,798 shares of company stock worth $747,377. 1.00% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of ITT. Coastal Investment Advisors Inc. boosted its holdings in shares of ITT by 1,310.0% during the second quarter. Coastal Investment Advisors Inc. now owns 423 shares of the conglomerate’s stock worth $27,000 after purchasing an additional 393 shares during the period. Advisory Services Network LLC lifted its stake in ITT by 63.5% in the second quarter. Advisory Services Network LLC now owns 528 shares of the conglomerate’s stock valued at $34,000 after acquiring an additional 205 shares during the last quarter. Private Ocean LLC acquired a new stake in ITT in the second quarter valued at approximately $43,000. Victory Capital Management Inc. acquired a new stake in ITT in the second quarter valued at approximately $49,000. Finally, North Star Investment Management Corp. acquired a new stake in ITT in the third quarter valued at approximately $55,000. Institutional investors and hedge funds own 90.78% of the company’s stock.
Several research analysts have recently weighed in on the stock. ValuEngine raised shares of ITT from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. KeyCorp lifted their target price on shares of ITT from $70.00 to $80.00 in a research report on Wednesday. Robert W. Baird set a $75.00 price target on shares of ITT and gave the stock a “buy” rating in a report on Friday, November 1st. DA Davidson raised their price target on shares of ITT from $75.00 to $80.00 and gave the stock a “positive” rating in a report on Tuesday, November 19th. Finally, Zacks Investment Research upgraded shares of ITT from a “sell” rating to a “hold” rating and set a $63.00 price target for the company in a report on Monday, October 14th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $71.29.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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