Dynamic Technology Lab Private Ltd purchased a new position in shares of ITT Inc (NYSE:ITT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,571 shares of the conglomerate’s stock, valued at approximately $787,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Louisiana State Employees Retirement System lifted its stake in ITT by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 23,400 shares of the conglomerate’s stock valued at $1,357,000 after buying an additional 200 shares in the last quarter. Oakbrook Investments LLC increased its holdings in ITT by 2.1% in the 1st quarter. Oakbrook Investments LLC now owns 9,700 shares of the conglomerate’s stock valued at $563,000 after purchasing an additional 200 shares in the last quarter. Synovus Financial Corp increased its holdings in ITT by 4.1% in the 1st quarter. Synovus Financial Corp now owns 6,552 shares of the conglomerate’s stock valued at $380,000 after purchasing an additional 259 shares in the last quarter. ETF Managers Group LLC increased its holdings in ITT by 10.3% in the 1st quarter. ETF Managers Group LLC now owns 2,937 shares of the conglomerate’s stock valued at $170,000 after purchasing an additional 274 shares in the last quarter. Finally, Advisor Group Inc. increased its holdings in ITT by 10.0% in the 4th quarter. Advisor Group Inc. now owns 3,065 shares of the conglomerate’s stock valued at $148,000 after purchasing an additional 278 shares in the last quarter. 89.74% of the stock is owned by institutional investors.
Shares of NYSE:ITT traded up $0.05 during trading on Monday, reaching $65.53. 438,000 shares of the company traded hands, compared to its average volume of 544,171. The company has a fifty day simple moving average of $60.81. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 2.01 and a beta of 1.59. ITT Inc has a 1-year low of $44.89 and a 1-year high of $66.88.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 10th will be given a $0.147 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.59 annualized dividend and a yield of 0.90%. ITT’s dividend payout ratio is 18.27%.
ITT has been the topic of several research analyst reports. Oppenheimer set a $68.00 price target on shares of ITT and gave the stock a “buy” rating in a research report on Wednesday, March 27th. Stifel Nicolaus raised their price target on shares of ITT from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. ValuEngine upgraded shares of ITT from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Finally, Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $66.75.
In other news, insider Farrokh Batliwala sold 8,950 shares of ITT stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.38, for a total transaction of $549,351.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas M. Scalera sold 64,135 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.57, for a total transaction of $3,948,791.95. Following the completion of the transaction, the chief financial officer now owns 73,701 shares in the company, valued at $4,537,770.57. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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