Assenagon Asset Management S.A. Increases Position in ITT Inc. (NYSE:ITT)

Assenagon Asset Management S.A. lifted its holdings in ITT Inc. (NYSE:ITT) by 9.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,400 shares of the conglomerate’s stock after buying an additional 1,372 shares during the period. Assenagon Asset Management S.A.’s holdings in ITT were worth $2,452,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ITT. State of Michigan Retirement System lifted its stake in ITT by 2.0% in the first quarter. State of Michigan Retirement System now owns 20,129 shares of the conglomerate’s stock valued at $2,738,000 after purchasing an additional 400 shares during the last quarter. Norden Group LLC purchased a new position in ITT in the first quarter valued at approximately $211,000. First Trust Direct Indexing L.P. purchased a new position in ITT in the first quarter valued at approximately $205,000. Van ECK Associates Corp lifted its stake in ITT by 36.5% in the first quarter. Van ECK Associates Corp now owns 30,701 shares of the conglomerate’s stock valued at $4,176,000 after purchasing an additional 8,211 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in ITT by 6.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 108,105 shares of the conglomerate’s stock valued at $14,706,000 after purchasing an additional 6,143 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Trading Down 3.3 %

Shares of ITT stock opened at $140.12 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.55. ITT Inc. has a 52-week low of $91.94 and a 52-week high of $153.99. The company has a market capitalization of $11.45 billion, a PE ratio of 27.47, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. The business’s fifty day moving average is $142.90 and its 200 day moving average is $136.12.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 18.30% and a net margin of 12.47%. The company had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. During the same quarter last year, the business posted $1.37 earnings per share. The firm’s revenue was up 7.7% 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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a dividend of $0.319 per share. The ex-dividend date is Friday, November 29th. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. ITT’s payout ratio is 24.90%.

Analyst Ratings Changes

Several research firms recently commented on ITT. Stifel Nicolaus upped their price objective on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group raised their price target on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. TD Cowen raised their price target on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp raised their price target on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, Robert W. Baird cut their price target on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a report on Wednesday. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ITT currently has a consensus rating of “Buy” and an average price target of $157.78.

ITT 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.