Magnetar Financial LLC Acquires Shares of 19,934 ITT Inc. (NYSE:ITT)

Magnetar Financial LLC bought a new position in shares of ITT Inc. (NYSE:ITT) during the 4th quarter, Holdings Channel.com reports. The fund bought 19,934 shares of the conglomerate’s stock, valued at approximately $2,848,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. M&T Bank Corp increased its stake in ITT by 1.3% during the 3rd quarter. M&T Bank Corp now owns 5,334 shares of the conglomerate’s stock worth $797,000 after acquiring an additional 69 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of ITT by 0.7% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,486 shares of the conglomerate’s stock worth $1,641,000 after purchasing an additional 81 shares during the period. CIBC Asset Management Inc raised its stake in ITT by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,409 shares of the conglomerate’s stock valued at $360,000 after purchasing an additional 87 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in ITT by 10.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the conglomerate’s stock worth $183,000 after purchasing an additional 116 shares during the period. Finally, Tectonic Advisors LLC grew its stake in ITT by 4.2% during the fourth quarter. Tectonic Advisors LLC now owns 3,048 shares of the conglomerate’s stock worth $435,000 after buying an additional 123 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on ITT shares. UBS Group upped their price target on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, February 7th. StockNews.com raised ITT from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Citigroup lowered their price target on ITT from $183.00 to $181.00 and set a “buy” rating for the company in a report on Monday, January 13th. Wolfe Research initiated coverage on ITT in a research report on Wednesday, December 11th. They issued a “peer perform” rating on the stock. Finally, KeyCorp increased their target price on shares of ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $168.38.

ITT Stock Performance

NYSE:ITT opened at $134.93 on Friday. The stock’s 50-day moving average is $143.70 and its 200-day moving average is $145.78. The stock has a market cap of $10.98 billion, a P/E ratio of 21.42, a price-to-earnings-growth ratio of 1.89 and a beta of 1.42. ITT Inc. has a 1-year low of $121.01 and a 1-year high of $161.13. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. Equities research analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be given a dividend of $0.351 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from ITT’s previous quarterly dividend of $0.32. ITT’s dividend payout ratio is currently 22.22%.

About ITT

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.