Eastern Bank Takes Position in ITT Inc. (NYSE:ITT)

Eastern Bank acquired a new stake in shares of ITT Inc. (NYSE:ITT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 700 shares of the conglomerate’s stock, valued at approximately $105,000.

A number of other hedge funds also recently bought and sold shares of ITT. Mawer Investment Management Ltd. purchased a new stake in ITT during the second quarter valued at $49,043,000. Select Equity Group L.P. increased its position in ITT by 11.7% during the second quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock valued at $431,512,000 after acquiring an additional 351,206 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in ITT by 73.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock valued at $92,751,000 after acquiring an additional 288,671 shares during the last quarter. Millennium Management LLC increased its position in ITT by 200.4% in the second quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock worth $50,823,000 after buying an additional 262,470 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in ITT by 115.6% in the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock worth $31,717,000 after buying an additional 131,708 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ITT shares. The Goldman Sachs Group upped their price target on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. TD Cowen upped their price target on ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Stifel Nicolaus upped their price target on ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, KeyCorp upped their price target on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $155.25.

ITT Price Performance

Shares of ITT stock opened at $143.78 on Friday. The stock has a 50 day moving average of $142.17 and a 200 day moving average of $135.74. ITT Inc. has a 12 month low of $91.94 and a 12 month high of $153.99. The firm has a market cap of $11.75 billion, a PE ratio of 27.44, a PEG ratio of 1.92 and a beta of 1.40. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.03. ITT had a return on equity of 18.30% and a net margin of 12.47%. The company had revenue of $905.90 million during the quarter, compared to analyst estimates of $916.38 million. During the same period in the prior year, the company earned $1.33 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. On average, research analysts expect that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend was Tuesday, September 3rd. ITT’s payout ratio is presently 24.43%.

About ITT

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.