Corient IA LLC Invests $517,000 in ITT Inc. (NYSE:ITT)

Corient IA LLC purchased a new position in shares of ITT Inc. (NYSE:ITT) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 4,000 shares of the conglomerate’s stock, valued at approximately $517,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Quarry LP increased its stake in shares of ITT by 101.6% in the fourth quarter. Quarry LP now owns 248 shares of the conglomerate’s stock worth $35,000 after purchasing an additional 125 shares in the last quarter. Kapitalo Investimentos Ltda purchased a new stake in shares of ITT in the fourth quarter worth $59,000. Versant Capital Management Inc increased its stake in shares of ITT by 3,513.3% in the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate’s stock worth $70,000 after purchasing an additional 527 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of ITT by 13.1% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate’s stock worth $107,000 after purchasing an additional 87 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of ITT by 72.7% in the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate’s stock worth $103,000 after purchasing an additional 331 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Insider Buying and Selling

In other ITT news, CEO Luca Savi sold 36,385 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the completion of the transaction, the chief executive officer owned 297,536 shares in the company, valued at $49,022,031.36. This trade represents a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.47% of the stock is owned by company insiders.

ITT Stock Performance

ITT opened at $165.30 on Friday. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 2.04 and a beta of 1.38. The company has a fifty day moving average of $159.03 and a 200 day moving average of $146.22. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45.

ITT (NYSE:ITT) last posted its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.02. The company had revenue of $972.40 million during the quarter, compared to analysts’ expectations of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. ITT’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company posted $1.49 earnings per share. As a group, sell-side analysts forecast that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.351 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a yield of 0.8%. ITT’s dividend payout ratio (DPR) is 22.01%.

Wall Street Analyst Weigh In

ITT has been the subject of a number of analyst reports. The Goldman Sachs Group increased their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. KeyCorp increased their price objective on shares of ITT from $180.00 to $192.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. DA Davidson set a $190.00 price objective on shares of ITT and gave the stock a “buy” rating in a research note on Monday, August 4th. Bank of America increased their price objective on shares of ITT from $145.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, May 21st. Finally, Stifel Nicolaus increased their price objective on shares of ITT from $197.00 to $202.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, ITT currently has an average rating of “Moderate Buy” and a consensus target price of $179.22.

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.