Millennium Management LLC Acquires 262,470 Shares of ITT Inc. (NYSE:ITT)

Millennium Management LLC raised its holdings in ITT Inc. (NYSE:ITT) by 200.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 393,429 shares of the conglomerate’s stock after acquiring an additional 262,470 shares during the quarter. Millennium Management LLC owned about 0.48% of ITT worth $50,823,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ITT. Lynx Investment Advisory acquired a new position in shares of ITT in the 2nd quarter valued at $27,000. Rise Advisors LLC lifted its stake in ITT by 788.5% in the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock valued at $31,000 after buying an additional 205 shares during the period. Headlands Technologies LLC bought a new position in ITT during the second quarter worth about $32,000. Brown Brothers Harriman & Co. acquired a new position in shares of ITT during the 2nd quarter worth about $36,000. Finally, Massmutual Trust Co. FSB ADV grew its position in shares of ITT by 71.4% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 348 shares of the conglomerate’s stock worth $45,000 after buying an additional 145 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

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

ITT Stock Down 0.3 %

ITT stock opened at $149.53 on Tuesday. The company has a 50 day moving average of $137.16 and a 200-day moving average of $133.68. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. ITT Inc. has a twelve month low of $91.94 and a twelve month high of $152.21. The stock has a market capitalization of $12.31 billion, a PE ratio of 29.32, a price-to-earnings-growth ratio of 1.89 and a beta of 1.40.

ITT (NYSE:ITT) last announced its earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.03. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm had revenue of $905.90 million during the quarter, compared to analyst estimates of $916.38 million. During the same period in the prior year, the business earned $1.33 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.85%. The ex-dividend date of this dividend was Tuesday, September 3rd. ITT’s payout ratio is 24.90%.

About ITT

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.