ITT Inc. (NYSE:ITT) Stake Reduced by Marks Group Wealth Management Inc

Marks Group Wealth Management Inc trimmed its stake in ITT Inc. (NYSE:ITT) by 3.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 71,943 shares of the conglomerate’s stock after selling 2,879 shares during the quarter. ITT makes up about 1.0% of Marks Group Wealth Management Inc’s investment portfolio, making the stock its 16th largest holding. Marks Group Wealth Management Inc owned about 0.09% of ITT worth $8,584,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bowen Hanes & Co. Inc. bought a new position in ITT in the 3rd quarter valued at about $26,087,000. Invesco Ltd. boosted its holdings in shares of ITT by 46.6% in the third quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock valued at $60,130,000 after acquiring an additional 195,111 shares in the last quarter. FMR LLC increased its stake in shares of ITT by 1.9% during the third quarter. FMR LLC now owns 7,581,649 shares of the conglomerate’s stock valued at $742,319,000 after acquiring an additional 144,394 shares during the period. Scopus Asset Management L.P. raised its holdings in ITT by 127.3% during the third quarter. Scopus Asset Management L.P. now owns 196,391 shares of the conglomerate’s stock worth $19,229,000 after purchasing an additional 110,000 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. acquired a new stake in ITT in the fourth quarter worth approximately $9,111,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Stock Up 0.6 %

Shares of ITT stock traded up $0.79 during trading hours on Monday, reaching $125.75. 241,838 shares of the stock traded hands, compared to its average volume of 356,227. The firm has a market capitalization of $10.34 billion, a PE ratio of 25.35, a PEG ratio of 1.71 and a beta of 1.43. ITT Inc. has a 1-year low of $75.82 and a 1-year high of $138.29. The business has a fifty day moving average price of $128.37 and a 200 day moving average price of $116.89.

ITT (NYSE:ITT) last issued its earnings results on Thursday, February 8th. The conglomerate reported $1.34 EPS for the quarter, hitting the consensus estimate of $1.34. The business had revenue of $829.10 million during the quarter, compared to analysts’ expectations of $814.38 million. ITT had a return on equity of 17.91% and a net margin of 12.50%. ITT’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 earnings per share. Research analysts expect that ITT Inc. will post 5.8 earnings per share for the current fiscal year.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were given a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.01%. This is a positive change from ITT’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, March 7th. ITT’s dividend payout ratio is 25.81%.

Analyst Ratings Changes

A number of analysts have recently commented on ITT shares. Citigroup boosted their price objective on ITT from $139.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Stifel Nicolaus upped their price target on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. KeyCorp lifted their price objective on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. DA Davidson increased their target price on shares of ITT from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Finally, StockNews.com lowered shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT presently has a consensus rating of “Buy” and an average target price of $135.57.

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.