Eagle Asset Management Inc. Takes $67.50 Million Position in ITT Inc. (NYSE:ITT)

Eagle Asset Management Inc. bought a new position in ITT Inc. (NYSE:ITT) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 441,053 shares of the conglomerate’s stock, valued at approximately $67,503,000.

Several other hedge funds have also added to or reduced their stakes in ITT. Mawer Investment Management Ltd. purchased a new position in shares of ITT in the second quarter worth about $49,043,000. Select Equity Group L.P. grew its position in ITT by 11.7% during the 2nd 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 during the last quarter. Millennium Management LLC increased its stake in ITT by 200.4% in the 2nd quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock worth $50,823,000 after purchasing an additional 262,470 shares during the period. AQR Capital Management LLC lifted its position in ITT by 115.6% in the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock valued at $31,717,000 after purchasing an additional 131,708 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ITT during the second quarter valued at approximately $9,936,000. 91.59% of the stock is owned by institutional investors.

ITT Trading Up 2.1 %

ITT opened at $155.46 on Friday. The stock has a market cap of $12.67 billion, a PE ratio of 26.53, a PEG ratio of 1.98 and a beta of 1.41. The business has a 50 day moving average of $147.82 and a 200-day moving average of $138.49. ITT Inc. has a 52 week low of $107.01 and a 52 week high of $156.00. The company has a quick ratio of 1.09, a current ratio of 1.58 and a debt-to-equity ratio of 0.17.

ITT (NYSE:ITT) last announced its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, beating the consensus estimate of $1.43 by $0.03. The business had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 earnings per share. Equities research analysts predict that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s dividend payout ratio is 21.84%.

Analyst Ratings Changes

ITT has been the topic of several analyst reports. The Goldman Sachs Group upped their price target on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Stifel Nicolaus upped their price objective on shares of ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. KeyCorp raised their target price on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. TD Cowen upped their price target on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Robert W. Baird cut their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $161.88.

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.