Suncoast Equity Management Buys 2,001 Shares of ITT Inc. (NYSE:ITT)

Suncoast Equity Management raised its stake in shares of ITT Inc. (NYSE:ITT) by 17.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 13,596 shares of the conglomerate’s stock after purchasing an additional 2,001 shares during the period. Suncoast Equity Management’s holdings in ITT were worth $1,756,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Rialto Wealth Management LLC bought a new stake in ITT during the fourth quarter valued at about $26,000. Whipplewood Advisors LLC bought a new stake in ITT during the fourth quarter valued at about $34,000. Quarry LP grew its holdings in ITT by 101.6% during the fourth quarter. Quarry LP now owns 248 shares of the conglomerate’s stock valued at $35,000 after purchasing an additional 125 shares during the period. Smartleaf Asset Management LLC grew its holdings in ITT by 291.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 415 shares of the conglomerate’s stock valued at $59,000 after purchasing an additional 309 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new stake in ITT during the fourth quarter valued at about $59,000. Institutional investors own 91.59% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on ITT shares. Wall Street Zen raised ITT from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. The Goldman Sachs Group upped their price objective on ITT from $160.00 to $177.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. KeyCorp upped their price objective on ITT from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Stifel Nicolaus upped their price objective on ITT from $161.00 to $171.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Finally, Citigroup dropped their price objective on ITT from $181.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, ITT presently has an average rating of “Moderate Buy” and a consensus price target of $165.50.

ITT Trading Up 0.1%

Shares of ITT stock opened at $150.83 on Friday. The stock has a 50 day moving average of $144.51 and a 200 day moving average of $142.45. ITT Inc. has a 12 month low of $105.64 and a 12 month high of $161.13. The firm has a market cap of $11.87 billion, a PE ratio of 23.98, a PEG ratio of 1.97 and a beta of 1.35.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.01. ITT had a return on equity of 17.75% and a net margin of 14.19%. The company had revenue of $913.00 million during the quarter, compared to analyst estimates of $901.22 million. During the same period in the prior year, the company earned $1.42 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. As a group, equities research analysts forecast that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a dividend of $0.351 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Monday, June 2nd. ITT’s payout ratio is presently 22.26%.

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.