Gabelli Funds LLC Trims Stake in ITT Inc. (NYSE:ITT)

Gabelli Funds LLC cut its position in shares of ITT Inc. (NYSE:ITT) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 392,209 shares of the conglomerate’s stock after selling 9,500 shares during the period. Gabelli Funds LLC owned approximately 0.48% of ITT worth $50,666,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Capital International Investors lifted its stake in ITT by 0.3% in the fourth quarter. Capital International Investors now owns 9,414,867 shares of the conglomerate’s stock worth $1,123,533,000 after purchasing an additional 29,057 shares during the last quarter. Vanguard Group Inc. grew its position in ITT by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 8,463,809 shares of the conglomerate’s stock valued at $1,009,902,000 after acquiring an additional 65,173 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in ITT by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 954,809 shares of the conglomerate’s stock worth $123,338,000 after purchasing an additional 50,329 shares during the period. Norges Bank purchased a new stake in shares of ITT during the fourth quarter valued at $102,709,000. Finally, Bank of New York Mellon Corp increased its stake in ITT by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock worth $106,961,000 after buying an additional 3,370 shares during the period. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ITT shares. TD Cowen raised their target price on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Stifel Nicolaus increased their price target on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, KeyCorp lifted their price objective on ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, ITT presently has a consensus rating of “Buy” and a consensus target price of $151.00.

ITT Trading Down 1.5 %

Shares of NYSE ITT opened at $144.51 on Friday. The business has a fifty day moving average price of $136.08 and a 200 day moving average price of $132.74. ITT Inc. has a 1-year low of $91.94 and a 1-year high of $149.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.10. The stock has a market capitalization of $11.89 billion, a P/E ratio of 28.34, a price-to-earnings-growth ratio of 1.71 and a beta of 1.40.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, August 1st. The conglomerate reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.03. The firm had revenue of $905.90 million for the quarter, compared to the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.33 EPS. Equities research analysts expect that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Tuesday, September 3rd. ITT’s dividend payout ratio is currently 24.90%.

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.