Welch & Forbes LLC Takes Position in ITT Inc (ITT)

Welch & Forbes LLC purchased a new position in ITT Inc (NYSE:ITT) in the third quarter, HoldingsChannel.com reports. The fund purchased 3,400 shares of the conglomerate’s stock, valued at approximately $208,000.

A number of other hedge funds have also made changes to their positions in ITT. FMR LLC lifted its stake in ITT by 17.4% in the second quarter. FMR LLC now owns 6,671,943 shares of the conglomerate’s stock worth $348,743,000 after acquiring an additional 987,111 shares during the period. Boston Partners purchased a new stake in ITT in the second quarter worth $40,647,000. Canada Pension Plan Investment Board lifted its stake in ITT by 114.7% in the second quarter. Canada Pension Plan Investment Board now owns 583,496 shares of the conglomerate’s stock worth $30,499,000 after acquiring an additional 311,700 shares during the period. OppenheimerFunds Inc. lifted its stake in ITT by 94.6% in the second quarter. OppenheimerFunds Inc. now owns 516,914 shares of the conglomerate’s stock worth $27,018,000 after acquiring an additional 251,322 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its stake in ITT by 41.3% in the second quarter. Segall Bryant & Hamill LLC now owns 584,835 shares of the conglomerate’s stock worth $30,569,000 after acquiring an additional 170,921 shares during the period. 90.58% of the stock is owned by institutional investors.

ITT opened at $50.59 on Friday. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 17.80, a PEG ratio of 1.33 and a beta of 1.65. ITT Inc has a 12-month low of $46.05 and a 12-month high of $63.04.

ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $696.80 million during the quarter, compared to the consensus estimate of $685.80 million. ITT had a return on equity of 15.40% and a net margin of 7.02%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.55 earnings per share. On average, equities analysts forecast that ITT Inc will post 3.14 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be issued a $0.134 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.54 dividend on an annualized basis and a yield of 1.06%. ITT’s dividend payout ratio (DPR) is 20.85%.

A number of analysts recently commented on the company. Zacks Investment Research raised ITT from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Wednesday, August 8th. ValuEngine lowered ITT from a “buy” rating to a “hold” rating in a research note on Tuesday. Oppenheimer reaffirmed a “buy” rating and issued a $67.00 price target (up previously from $60.00) on shares of ITT in a research note on Friday, August 3rd. DA Davidson set a $70.00 price objective on ITT and gave the stock a “buy” rating in a report on Monday, August 6th. Finally, KeyCorp increased their price objective on ITT from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday, August 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. ITT presently has an average rating of “Buy” and a consensus price target of $66.13.

ITT Profile

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.

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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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