Synovus Financial Corp Acquires 137 Shares of ITT Inc. (NYSE:ITT)

Synovus Financial Corp boosted its holdings in shares of ITT Inc. (NYSE:ITT) by 1.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,140 shares of the conglomerate’s stock after acquiring an additional 137 shares during the quarter. Synovus Financial Corp’s holdings in ITT were worth $1,449,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ITT. Charles Schwab Investment Management Inc. boosted its position in ITT by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 517,307 shares of the conglomerate’s stock valued at $73,913,000 after purchasing an additional 3,424 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of ITT by 880.0% in the 4th quarter. Venturi Wealth Management LLC now owns 2,156 shares of the conglomerate’s stock valued at $308,000 after buying an additional 1,936 shares in the last quarter. AlphaQuest LLC grew its position in shares of ITT by 422.7% in the 4th quarter. AlphaQuest LLC now owns 4,208 shares of the conglomerate’s stock worth $601,000 after buying an additional 3,403 shares during the last quarter. ING Groep NV purchased a new position in shares of ITT in the 4th quarter worth approximately $1,214,000. Finally, Intech Investment Management LLC raised its stake in shares of ITT by 218.0% during the 4th quarter. Intech Investment Management LLC now owns 14,051 shares of the conglomerate’s stock worth $2,008,000 after acquiring an additional 9,633 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ITT. UBS Group lifted their price target on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com raised ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. KeyCorp lowered their price target on ITT from $170.00 to $150.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup cut their price objective on shares of ITT from $181.00 to $150.00 and set a “buy” rating on the stock in a report on Monday. Finally, Stifel Nicolaus cut their price target on shares of ITT from $179.00 to $148.00 and set a “buy” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

ITT Price Performance

Shares of NYSE:ITT opened at $126.95 on Wednesday. ITT Inc. has a twelve month low of $105.64 and a twelve month high of $161.13. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The company has a market cap of $10.28 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 1.89 and a beta of 1.36. The company’s 50 day moving average is $135.00 and its 200 day moving average is $144.09.

ITT (NYSE:ITT) last issued its earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. On average, sell-side analysts forecast that ITT Inc. will post 6.51 EPS for the current year.

ITT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 6th were issued a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a yield of 1.11%. This is a positive change from ITT’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, March 6th. ITT’s dividend payout ratio (DPR) is 22.22%.

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.