Renaissance Technologies LLC grew its stake in ITT Inc. (NYSE:ITT) by 119.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 555,500 shares of the conglomerate’s stock after buying an additional 302,300 shares during the quarter. Renaissance Technologies LLC owned 0.63% of ITT worth $22,320,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. acquired a new position in shares of ITT in the second quarter valued at approximately $105,000. Riverhead Capital Management LLC boosted its holdings in ITT by 57.0% during the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after purchasing an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in ITT by 10.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after purchasing an additional 314 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in ITT during the first quarter worth $214,000. Finally, Stephens Inc. AR acquired a new position in ITT during the first quarter worth $222,000. Institutional investors own 92.58% of the company’s stock.
ITT has been the subject of several recent research reports. BidaskClub upgraded shares of ITT from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Tuesday, July 18th. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 price target on shares of ITT in a research report on Wednesday, August 16th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $50.00 price target on shares of ITT in a research report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $48.00.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.20% of the company’s stock.
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ITT Inc. (NYSE ITT) opened at 45.50 on Wednesday. ITT Inc. has a 52-week low of $32.46 and a 52-week high of $46.76. The company’s 50-day moving average is $42.25 and its 200-day moving average is $40.76. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 19.49 and a beta of 1.48.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm had revenue of $630.90 million for the quarter, compared to analysts’ expectations of $628.65 million. During the same period in the prior year, the business posted $0.67 earnings per share. The company’s revenue was up .8% on a year-over-year basis. On average, analysts expect that ITT Inc. will post $2.47 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Monday, September 11th were given a dividend of $0.128 per share. This represents a $0.51 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, September 8th. ITT’s dividend payout ratio is presently 21.70%.
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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