Point72 Asset Management L.P. Raises Holdings in ITT Inc. (NYSE:ITT)

Point72 Asset Management L.P. grew its holdings in ITT Inc. (NYSE:ITT) by 160.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,926 shares of the conglomerate’s stock after purchasing an additional 65,826 shares during the period. Point72 Asset Management L.P. owned about 0.13% of ITT worth $13,813,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ITT. Eagle Bluffs Wealth Management LLC raised its position in ITT by 0.4% in the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 18,973 shares of the conglomerate’s stock worth $2,457,000 after buying an additional 82 shares during the last quarter. AE Wealth Management LLC raised its holdings in shares of ITT by 5.9% during the second quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate’s stock valued at $233,000 after purchasing an additional 100 shares during the last quarter. HBK Sorce Advisory LLC raised its holdings in shares of ITT by 4.7% during the first quarter. HBK Sorce Advisory LLC now owns 2,306 shares of the conglomerate’s stock valued at $314,000 after purchasing an additional 104 shares during the last quarter. Blue Trust Inc. lifted its position in ITT by 38.7% during the second quarter. Blue Trust Inc. now owns 423 shares of the conglomerate’s stock valued at $58,000 after purchasing an additional 118 shares during the period. Finally, Private Advisor Group LLC raised its stake in ITT by 2.7% during the 2nd quarter. Private Advisor Group LLC now owns 4,608 shares of the conglomerate’s stock valued at $595,000 after buying an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Price Performance

NYSE:ITT opened at $149.53 on Tuesday. The stock has a market cap of $12.31 billion, a PE ratio of 29.32, a P/E/G ratio of 1.89 and a beta of 1.40. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. The business’s 50-day simple moving average is $137.16 and its two-hundred day simple moving average is $133.68. ITT Inc. has a 52 week low of $91.94 and a 52 week high of $152.21.

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

ITT Announces Dividend

The business also recently declared 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 currently 24.90%.

Analysts Set New Price Targets

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

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.