Oppenheimer Asset Management Inc. Reduces Stock Position in ITT Inc. (NYSE:ITT)

Oppenheimer Asset Management Inc. cut its holdings in ITT Inc. (NYSE:ITT) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,405 shares of the conglomerate’s stock after selling 157 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ITT were worth $1,705,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. raised its position in shares of ITT by 19.5% during the 1st quarter. Russell Investments Group Ltd. now owns 54,785 shares of the conglomerate’s stock worth $7,452,000 after acquiring an additional 8,956 shares in the last quarter. Blair William & Co. IL lifted its position in shares of ITT by 1.4% during the 1st quarter. Blair William & Co. IL now owns 25,064 shares of the conglomerate’s stock worth $3,409,000 after buying an additional 337 shares during the last quarter. Orion Portfolio Solutions LLC boosted its holdings in shares of ITT by 1.5% in the 1st quarter. Orion Portfolio Solutions LLC now owns 17,312 shares of the conglomerate’s stock valued at $2,355,000 after buying an additional 264 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of ITT by 16.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,380 shares of the conglomerate’s stock valued at $1,257,000 after buying an additional 1,346 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board raised its stake in ITT by 56.4% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,995 shares of the conglomerate’s stock worth $1,768,000 after acquiring an additional 4,685 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ITT has been the subject of a number of research reports. TD Cowen boosted their price objective on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. KeyCorp increased their price target on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Robert W. Baird lowered their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Stifel Nicolaus upped their target price on shares of ITT from $157.00 to $167.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their price target on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $161.88.

ITT Price Performance

Shares of NYSE:ITT opened at $152.60 on Monday. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 1.98 and a beta of 1.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. The business’s 50 day simple moving average is $146.09 and its 200-day simple moving average is $137.90. ITT Inc. has a 12 month low of $107.01 and a 12 month high of $155.52.

ITT (NYSE:ITT) last posted its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. During the same period in the previous year, the business earned $1.37 earnings per share. ITT’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, equities analysts forecast that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a dividend of $0.319 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.84%. ITT’s dividend payout ratio (DPR) is currently 21.84%.

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.