ITT Inc (ITT) Position Increased by Jane Street Group LLC
Jane Street Group LLC increased its holdings in shares of ITT Inc (NYSE:ITT) by 22.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,059 shares of the conglomerate’s stock after acquiring an additional 2,058 shares during the quarter. Jane Street Group LLC’s holdings in ITT were worth $578,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of ITT in the second quarter valued at $211,000. Quantitative Systematic Strategies LLC bought a new stake in shares of ITT in the second quarter valued at $224,000. LPL Financial LLC bought a new stake in shares of ITT in the first quarter valued at $262,000. Sun Life Financial INC bought a new stake in shares of ITT in the second quarter valued at $375,000. Finally, Strs Ohio bought a new stake in shares of ITT in the second quarter valued at $424,000. Institutional investors and hedge funds own 90.67% of the company’s stock.
Several analysts have issued reports on ITT shares. UBS Group boosted their target price on ITT from $57.00 to $60.00 and gave the company a “sell” rating in a research note on Thursday, August 30th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 19th. Stifel Nicolaus lifted their price target on ITT from $59.00 to $68.00 and gave the company a “buy” rating in a research report on Monday, August 6th. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, September 18th. Finally, Gordon Haskett began coverage on ITT in a research report on Friday. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $66.13.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.04. The company had revenue of $696.80 million during the quarter, compared to analysts’ expectations of $685.80 million. ITT had a return on equity of 15.40% and a net margin of 7.02%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 earnings per share. As a group, analysts anticipate that ITT Inc will post 3.14 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were given a $0.134 dividend. This represents a $0.54 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend was Friday, September 7th. ITT’s dividend payout ratio (DPR) is presently 20.85%.
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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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