First Trust Direct Indexing L.P. Boosts Holdings in ITT Inc. (NYSE:ITT)

First Trust Direct Indexing L.P. grew its holdings in shares of ITT Inc. (NYSE:ITT) by 22.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,350 shares of the conglomerate’s stock after acquiring an additional 438 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in ITT were worth $351,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Select Equity Group L.P. raised its stake in shares of ITT by 11.7% during the second quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock worth $431,512,000 after acquiring an additional 351,206 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ITT by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 954,809 shares of the conglomerate’s stock worth $123,338,000 after acquiring an additional 50,329 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of ITT by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock worth $106,961,000 after acquiring an additional 3,370 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of ITT by 12.5% during the first quarter. Westfield Capital Management Co. LP now owns 723,617 shares of the conglomerate’s stock worth $98,434,000 after acquiring an additional 80,652 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of ITT by 73.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock worth $92,751,000 after acquiring an additional 288,671 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ITT shares. Stifel Nicolaus lifted their target price on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. TD Cowen lifted their target price on shares of ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday. Robert W. Baird decreased their target price on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. KeyCorp lifted their target price on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group lifted their target price on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $157.78.

ITT Stock Performance

NYSE:ITT opened at $140.53 on Monday. The stock has a market cap of $11.45 billion, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 1.86 and a beta of 1.41. The firm’s fifty day simple moving average is $142.94 and its 200 day simple moving average is $136.26. ITT Inc. has a twelve month low of $95.53 and a twelve month high of $153.99. The company has a quick ratio of 1.10, a current ratio of 1.58 and a debt-to-equity ratio of 0.17.

ITT (NYSE:ITT) last released its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.03. ITT had a net margin of 13.67% and a return on equity of 17.98%. The business had revenue of $885.20 million for the quarter, compared to analysts’ expectations of $884.50 million. During the same quarter in the previous year, the business posted $1.37 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, research analysts predict that ITT Inc. will post 5.82 EPS for the current year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, November 29th. ITT’s dividend payout ratio (DPR) is presently 21.84%.

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.