Wedge Capital Management L L P NC lowered its position in shares of ITT Inc (NYSE:ITT) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 472,429 shares of the conglomerate’s stock after selling 8,564 shares during the period. Wedge Capital Management L L P NC’s holdings in ITT were worth $34,917,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Albert D Mason Inc. increased its holdings in shares of ITT by 0.5% in the 3rd quarter. Albert D Mason Inc. now owns 32,270 shares of the conglomerate’s stock valued at $1,975,000 after acquiring an additional 175 shares during the last quarter. Landmark Bank boosted its holdings in ITT by 0.5% in the third quarter. Landmark Bank now owns 39,508 shares of the conglomerate’s stock valued at $2,417,000 after purchasing an additional 188 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in ITT by 0.8% in the third quarter. Nisa Investment Advisors LLC now owns 24,050 shares of the conglomerate’s stock valued at $1,472,000 after purchasing an additional 200 shares in the last quarter. ETF Managers Group LLC increased its stake in ITT by 8.6% in the second quarter. ETF Managers Group LLC now owns 3,190 shares of the conglomerate’s stock valued at $204,000 after purchasing an additional 253 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in ITT by 5.0% in the third quarter. Janney Montgomery Scott LLC now owns 5,484 shares of the conglomerate’s stock valued at $336,000 after purchasing an additional 262 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Mary Elizabeth Gustafsson sold 5,978 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $69.00, for a total transaction of $412,482.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Orlando D. Ashford sold 2,399 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $72.36, for a total value of $173,591.64. Following the transaction, the director now directly owns 20,215 shares in the company, valued at approximately $1,462,757.40. The disclosure for this sale can be found here. Insiders sold a total of 13,197 shares of company stock worth $920,969 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.07. The company had revenue of $711.90 million during the quarter, compared to analysts’ expectations of $707.57 million. ITT had a return on equity of 16.92% and a net margin of 11.00%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 earnings per share. Equities research analysts predict that ITT Inc will post 3.74 EPS for the current fiscal year.
ITT announced that its board has authorized a share repurchase program on Friday, November 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the conglomerate to purchase up to 8.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
ITT has been the topic of a number of research analyst reports. ValuEngine cut shares of ITT from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. KeyCorp upped their target price on shares of ITT from $70.00 to $80.00 in a report on Wednesday, November 27th. DA Davidson increased their target price on shares of ITT from $75.00 to $80.00 and gave the company a “positive” rating in a research report on Tuesday, November 19th. Goldman Sachs Group upgraded shares of ITT from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $70.00 to $81.00 in a research note on Tuesday, December 10th. Finally, Robert W. Baird set a $75.00 price target on shares of ITT and gave the company a “buy” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $73.75.
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.
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