ARP Americas LP Purchases Shares of 2,900 ITT Inc (NYSE:ITT)

ARP Americas LP purchased a new stake in ITT Inc (NYSE:ITT) during the 4th quarter, Holdings Channel.com reports. The firm purchased 2,900 shares of the conglomerate’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ITT. Municipal Employees Retirement System of Michigan grew its holdings in shares of ITT by 1.1% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 16,320 shares of the conglomerate’s stock valued at $1,206,000 after acquiring an additional 180 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of ITT by 5.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 5,484 shares of the conglomerate’s stock valued at $336,000 after acquiring an additional 262 shares in the last quarter. Cerebellum GP LLC grew its holdings in shares of ITT by 3.8% in the 4th quarter. Cerebellum GP LLC now owns 7,877 shares of the conglomerate’s stock valued at $582,000 after acquiring an additional 289 shares in the last quarter. State of Michigan Retirement System grew its holdings in shares of ITT by 1.2% in the 4th quarter. State of Michigan Retirement System now owns 25,800 shares of the conglomerate’s stock valued at $1,907,000 after acquiring an additional 300 shares in the last quarter. Finally, Texas Permanent School Fund grew its holdings in shares of ITT by 0.5% in the 3rd quarter. Texas Permanent School Fund now owns 59,896 shares of the conglomerate’s stock valued at $3,665,000 after acquiring an additional 308 shares in the last quarter. 92.00% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Orlando D. Ashford sold 2,399 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $72.36, for a total transaction of $173,591.64. Following the completion of the sale, the director now owns 20,215 shares in the company, valued at $1,462,757.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

ITT has been the subject of several analyst reports. Goldman Sachs Group upgraded ITT from a “neutral” rating to a “buy” rating and raised their price objective for the company from $70.00 to $81.00 in a report on Tuesday, December 10th. Oppenheimer lifted their price target on ITT from to in a report on Tuesday, January 7th. ValuEngine cut ITT from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. KeyCorp lifted their price target on ITT from $70.00 to $80.00 in a report on Wednesday, November 27th. Finally, Robert W. Baird set a $75.00 price target on ITT and gave the stock a “buy” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $74.38.

ITT stock opened at $61.83 on Thursday. ITT Inc has a 52 week low of $53.65 and a 52 week high of $75.56. The stock has a market capitalization of $5.84 billion, a P/E ratio of 16.89, a PEG ratio of 2.43 and a beta of 1.65. The stock has a 50-day simple moving average of $70.22 and a 200 day simple moving average of $65.63.

ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, February 21st. The conglomerate reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07. ITT had a return on equity of 17.11% and a net margin of 11.42%. The business had revenue of $719.10 million during the quarter, compared to analysts’ expectations of $717.17 million. During the same quarter last year, the company posted $0.82 earnings per share. ITT’s quarterly revenue was up 6.0% on a year-over-year basis. On average, sell-side analysts anticipate that ITT Inc will post 3.91 earnings per share for the current year.

ITT announced that its Board of Directors has initiated a share repurchase program on Friday, November 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the conglomerate to buy up to 8.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 6th. Investors of record on Monday, March 16th will be issued a dividend of $0.169 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. This is a boost from ITT’s previous quarterly dividend of $0.15. ITT’s dividend payout ratio (DPR) is presently 15.49%.

ITT Company Profile

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.

Further Reading: Dividend

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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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