KLP Kapitalforvaltning AS Increases Holdings in ITT Inc. (NYSE:ITT)

KLP Kapitalforvaltning AS increased its holdings in ITT Inc. (NYSE:ITT) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,100 shares of the conglomerate’s stock after acquiring an additional 400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in ITT were worth $2,209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ITT. Select Equity Group L.P. grew its position in ITT by 7.7% during the 4th quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate’s stock worth $652,237,000 after purchasing an additional 326,947 shares during the last quarter. Invesco Ltd. grew its position in ITT by 12.2% during the fourth quarter. Invesco Ltd. now owns 1,560,381 shares of the conglomerate’s stock valued at $222,947,000 after buying an additional 169,054 shares during the period. Alliancebernstein L.P. increased its holdings in ITT by 14.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,366,576 shares of the conglomerate’s stock valued at $195,256,000 after buying an additional 169,944 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in ITT by 17.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate’s stock worth $162,784,000 after purchasing an additional 171,474 shares during the period. Finally, Norges Bank purchased a new position in shares of ITT during the 4th quarter valued at approximately $134,433,000. 91.59% of the stock is currently owned by institutional investors.

ITT Stock Up 1.5%

Shares of ITT stock opened at $161.33 on Friday. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $161.79. The business’s fifty day moving average is $154.46 and its two-hundred day moving average is $144.33. The firm has a market cap of $12.70 billion, a PE ratio of 25.65, a P/E/G ratio of 2.01 and a beta of 1.35.

ITT (NYSE:ITT) last announced its earnings results on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, beating the consensus estimate of $1.44 by $0.01. ITT had a return on equity of 17.75% and a net margin of 14.19%. The business had revenue of $913.00 million for the quarter, compared to the consensus estimate of $901.22 million. During the same period last year, the business posted $1.42 EPS. The company’s revenue was up .3% on a year-over-year basis. Equities research analysts anticipate that ITT Inc. will post 6.51 EPS for the current year.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a dividend of $0.351 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.40 annualized dividend and a yield of 0.87%. ITT’s dividend payout ratio (DPR) is 22.26%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of ITT from $160.00 to $177.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Stifel Nicolaus upped their price target on ITT from $171.00 to $197.00 and gave the company a “buy” rating in a research note on Monday, July 21st. Citigroup reaffirmed a “buy” rating and set a $186.00 price objective (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. KeyCorp raised their price target on ITT from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Finally, Wall Street Zen raised shares of ITT from a “hold” rating to a “buy” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, ITT currently has a consensus rating of “Moderate Buy” and an average price target of $173.25.

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.