KLP Kapitalforvaltning AS Acquires New Shares in ITT Inc. (NYSE:ITT)

KLP Kapitalforvaltning AS bought a new position in shares of ITT Inc. (NYSE:ITT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,700 shares of the conglomerate’s stock, valued at approximately $2,386,000.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of ITT by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 517,307 shares of the conglomerate’s stock valued at $73,913,000 after acquiring an additional 3,424 shares during the period. AlphaQuest LLC raised its holdings in ITT by 422.7% in the fourth quarter. AlphaQuest LLC now owns 4,208 shares of the conglomerate’s stock worth $601,000 after purchasing an additional 3,403 shares during the period. Venturi Wealth Management LLC boosted its position in shares of ITT by 880.0% during the fourth quarter. Venturi Wealth Management LLC now owns 2,156 shares of the conglomerate’s stock worth $308,000 after purchasing an additional 1,936 shares in the last quarter. ING Groep NV acquired a new position in shares of ITT in the 4th quarter valued at $1,214,000. Finally, Vest Financial LLC increased its position in shares of ITT by 63.8% in the 4th quarter. Vest Financial LLC now owns 17,004 shares of the conglomerate’s stock valued at $2,430,000 after buying an additional 6,626 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITT has been the topic of several recent analyst reports. KeyCorp lifted their target price on ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Stifel Nicolaus decreased their price objective on ITT from $180.00 to $179.00 and set a “buy” rating for the company in a research report on Friday, January 24th. UBS Group raised their target price on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Citigroup reduced their price target on shares of ITT from $183.00 to $181.00 and set a “buy” rating for the company in a report on Monday, January 13th. Finally, Wolfe Research began coverage on shares of ITT in a report on Wednesday, December 11th. They set a “peer perform” rating on the stock. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $170.29.

ITT Price Performance

Shares of ITT opened at $134.26 on Friday. The company has a 50 day moving average of $143.08 and a 200-day moving average of $145.93. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $10.93 billion, a P/E ratio of 21.31, a P/E/G ratio of 1.89 and a beta of 1.42. ITT Inc. has a twelve month low of $121.01 and a twelve month high of $161.13.

ITT (NYSE:ITT) last issued 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%. As a group, equities research analysts forecast that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 6th will be given a dividend of $0.351 per share. The ex-dividend date is Thursday, March 6th. This is a boost from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 1.05%. ITT’s dividend payout ratio is 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.