Short Interest in ITT Inc. (NYSE:ITT) Rises By 21.4%

ITT Inc. (NYSE:ITT) was the recipient of a significant growth in short interest in July. As of July 15th, there was short interest totalling 743,500 shares, a growth of 21.4% from the June 30th total of 612,600 shares. Based on an average daily volume of 417,700 shares, the days-to-cover ratio is presently 1.8 days. Currently, 0.9% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of research analysts have commented on the company. TD Cowen boosted their target price on ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Stifel Nicolaus upped their price target on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. UBS Group upped their price target on ITT from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. KeyCorp upped their price target on ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Citigroup upped their price target on ITT from $139.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $144.88.

ITT Stock Performance

ITT stock traded down $0.03 during trading hours on Tuesday, hitting $140.82. The stock had a trading volume of 353,411 shares, compared to its average volume of 384,884. ITT has a fifty-two week low of $91.94 and a fifty-two week high of $144.03. The company has a quick ratio of 1.08, a current ratio of 1.59 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average of $132.35 and a two-hundred day moving average of $129.58. The company has a market cap of $11.59 billion, a PE ratio of 27.61, a price-to-earnings-growth ratio of 1.82 and a beta of 1.42.

ITT (NYSE:ITT) last issued its earnings results on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The business had revenue of $910.60 million during the quarter, compared to analysts’ expectations of $883.21 million. ITT had a return on equity of 18.21% and a net margin of 12.41%. ITT’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. On average, equities research analysts anticipate that ITT will post 5.85 EPS for the current fiscal year.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a dividend of $0.319 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. ITT’s dividend payout ratio (DPR) is presently 25.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ITT by 12.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,502 shares of the conglomerate’s stock valued at $2,519,000 after buying an additional 2,229 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of ITT by 6.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 65,078 shares of the conglomerate’s stock worth $8,407,000 after purchasing an additional 3,699 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of ITT by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock worth $106,961,000 after purchasing an additional 3,370 shares during the last quarter. Spirit of America Management Corp NY boosted its position in shares of ITT by 8.9% in the 2nd quarter. Spirit of America Management Corp NY now owns 7,350 shares of the conglomerate’s stock worth $949,000 after purchasing an additional 600 shares during the last quarter. Finally, Kanawha Capital Management LLC boosted its position in shares of ITT by 18.1% in the 2nd quarter. Kanawha Capital Management LLC now owns 3,265 shares of the conglomerate’s stock worth $422,000 after purchasing an additional 500 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

ITT Company Profile

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.