Point72 Asset Management L.P. Acquires 65,826 Shares of ITT Inc. (NYSE:ITT)

Point72 Asset Management L.P. boosted its holdings in shares of ITT Inc. (NYSE:ITT) by 160.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,926 shares of the conglomerate’s stock after purchasing an additional 65,826 shares during the quarter. Point72 Asset Management L.P.’s holdings in ITT were worth $13,813,000 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. Lynx Investment Advisory purchased a new stake in shares of ITT during the 2nd quarter valued at about $27,000. Rise Advisors LLC raised its position in ITT by 788.5% during the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 205 shares during the period. Headlands Technologies LLC purchased a new position in shares of ITT in the 2nd quarter worth approximately $32,000. Brown Brothers Harriman & Co. bought a new position in shares of ITT during the 2nd quarter valued at approximately $36,000. Finally, Massmutual Trust Co. FSB ADV lifted its position in ITT by 71.4% in the second quarter. Massmutual Trust Co. FSB ADV now owns 348 shares of the conglomerate’s stock worth $45,000 after buying an additional 145 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Stock Down 0.3 %

Shares of NYSE:ITT opened at $149.53 on Tuesday. The business’s 50 day moving average is $137.16 and its 200 day moving average is $133.68. The stock has a market cap of $12.31 billion, a P/E ratio of 29.32, a price-to-earnings-growth ratio of 1.89 and a beta of 1.40. ITT Inc. has a 52-week low of $91.94 and a 52-week high of $152.21. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, beating the consensus estimate of $1.46 by $0.03. ITT had a return on equity of 18.30% and a net margin of 12.47%. The firm had revenue of $905.90 million for the quarter, compared to analyst estimates of $916.38 million. During the same quarter last year, the firm posted $1.33 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Sell-side analysts predict that ITT Inc. will post 5.84 EPS for the current year.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Tuesday, September 3rd. ITT’s dividend payout ratio (DPR) is 24.90%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ITT. TD Cowen raised their price objective on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. KeyCorp boosted their price objective on ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Stifel Nicolaus increased their target price on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, ITT has an average rating of “Buy” and an average target price of $151.00.

ITT 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.