ITT Target of Unusually High Options Trading (NYSE:ITT)

ITT Inc (NYSE:ITT) saw unusually large options trading on Monday. Investors purchased 1,172 put options on the company. This represents an increase of approximately 1,760% compared to the average volume of 63 put options.

ITT has been the topic of a number of analyst reports. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Wednesday, June 12th. Oppenheimer set a $72.00 price objective on ITT and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, ValuEngine cut ITT from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. ITT presently has a consensus rating of “Buy” and an average price target of $66.20.

ITT traded up $0.09 during trading hours on Wednesday, reaching $56.99. The company’s stock had a trading volume of 363,724 shares, compared to its average volume of 536,868. ITT has a 52 week low of $44.89 and a 52 week high of $66.88. The company’s 50-day moving average is $61.31 and its 200-day moving average is $59.91. The firm has a market cap of $4.93 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 1.58 and a beta of 1.57.

ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, August 2nd. The conglomerate reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.04. ITT had a return on equity of 16.68% and a net margin of 10.85%. The business had revenue of $719.90 million for the quarter, compared to analysts’ expectations of $703.80 million. During the same quarter in the prior year, the business earned $0.82 EPS. Analysts predict that ITT will post 3.63 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be issued a $0.147 dividend. This represents a $0.59 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Monday, September 9th. ITT’s dividend payout ratio is 18.27%.

A number of hedge funds and other institutional investors have recently modified their holdings of ITT. Coastal Investment Advisors Inc. boosted its stake in ITT by 1,310.0% in the second quarter. Coastal Investment Advisors Inc. now owns 423 shares of the conglomerate’s stock valued at $27,000 after buying an additional 393 shares in the last quarter. Field & Main Bank bought a new position in shares of ITT during the first quarter worth about $28,000. Advisory Services Network LLC raised its position in shares of ITT by 63.5% during the second quarter. Advisory Services Network LLC now owns 528 shares of the conglomerate’s stock worth $34,000 after acquiring an additional 205 shares during the last quarter. Private Ocean LLC bought a new position in shares of ITT during the second quarter worth about $43,000. Finally, Victory Capital Management Inc. bought a new position in shares of ITT during the second quarter worth about $49,000. 89.67% of the stock is currently owned by hedge funds and other institutional investors.

About ITT

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.

Further Reading: Hold Rating

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