ITT Inc. (NYSE:ITT) Sees Large Decline in Short Interest

ITT Inc. (NYSE:ITT) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 793,200 shares, a drop of 10.3% from the May 31st total of 883,800 shares. Based on an average daily trading volume, of 417,900 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.0% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. KeyCorp lifted their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. DA Davidson boosted their price target on shares of ITT from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, March 26th. UBS Group raised their price objective on shares of ITT from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Stifel Nicolaus increased their price target on ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Finally, Citigroup raised their price target on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a report on Monday, April 8th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $138.38.

ITT Trading Up 0.9 %

ITT stock traded up $1.09 during trading hours on Wednesday, reaching $127.90. 134,139 shares of the company’s stock traded hands, compared to its average volume of 387,544. The firm has a market capitalization of $10.53 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 1.67 and a beta of 1.42. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.59. ITT has a fifty-two week low of $90.83 and a fifty-two week high of $140.20. The firm’s 50 day moving average is $131.80 and its 200-day moving average is $127.04.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.06. ITT had a net margin of 12.41% and a return on equity of 18.21%. The business had revenue of $910.60 million for the quarter, compared to analyst estimates of $883.21 million. During the same period in the prior year, the business posted $1.17 earnings per share. ITT’s revenue was up 14.1% compared to the same quarter last year. On average, analysts predict that ITT will post 5.85 earnings per share for the current year.

ITT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were paid a dividend of $0.319 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.00%. ITT’s dividend payout ratio (DPR) is presently 25.10%.

Hedge Funds Weigh In On ITT

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC bought a new stake in ITT in the third quarter valued at approximately $266,000. Mariner LLC grew its stake in ITT by 33.3% in the third quarter. Mariner LLC now owns 16,522 shares of the conglomerate’s stock valued at $1,618,000 after acquiring an additional 4,128 shares during the period. Treasurer of the State of North Carolina increased its holdings in shares of ITT by 20.8% in the third quarter. Treasurer of the State of North Carolina now owns 43,602 shares of the conglomerate’s stock worth $4,269,000 after acquiring an additional 7,499 shares in the last quarter. AQR Capital Management LLC raised its position in shares of ITT by 14.5% during the third quarter. AQR Capital Management LLC now owns 155,510 shares of the conglomerate’s stock worth $15,226,000 after purchasing an additional 19,660 shares during the period. Finally, Glenmede Trust Co. NA bought a new position in shares of ITT during the 3rd quarter valued at about $595,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Company 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.