Lecap Asset Management Ltd. Acquires New Position in ITT Inc. (NYSE:ITT)

Lecap Asset Management Ltd. bought a new position in shares of ITT Inc. (NYSE:ITT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,925 shares of the conglomerate’s stock, valued at approximately $765,000.

Several other institutional investors have also modified their holdings of the business. Ontario Teachers Pension Plan Board purchased a new position in shares of ITT in the 4th quarter valued at about $992,000. Vanguard Group Inc. increased its stake in ITT by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 8,463,809 shares of the conglomerate’s stock valued at $1,009,902,000 after purchasing an additional 65,173 shares during the period. SageView Advisory Group LLC raised its holdings in shares of ITT by 383.3% in the first quarter. SageView Advisory Group LLC now owns 9,666 shares of the conglomerate’s stock valued at $1,315,000 after buying an additional 7,666 shares during the last quarter. Norges Bank acquired a new stake in shares of ITT during the fourth quarter worth about $102,709,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of ITT by 6.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 108,105 shares of the conglomerate’s stock valued at $14,706,000 after purchasing an additional 6,143 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Stock Up 0.5 %

ITT stock traded up $0.61 during midday trading on Thursday, hitting $135.99. 23,224 shares of the stock were exchanged, compared to its average volume of 391,277. ITT Inc. has a 1 year low of $91.94 and a 1 year high of $149.65. The firm has a market cap of $11.19 billion, a P/E ratio of 26.54, a P/E/G ratio of 1.81 and a beta of 1.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.08. The company has a 50 day moving average price of $132.80 and a two-hundred day moving average price of $130.90.

ITT (NYSE:ITT) last released its earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.03. The company had revenue of $905.90 million during the quarter, compared to the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.33 EPS. On average, sell-side analysts predict that ITT Inc. will post 5.83 earnings per share for the current fiscal year.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a $0.319 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Tuesday, September 3rd. ITT’s payout ratio is currently 24.90%.

Analysts Set New Price Targets

Several equities analysts have issued reports on ITT shares. TD Cowen boosted their price objective on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Stifel Nicolaus raised their target price on ITT from $150.00 to $157.00 and gave the company a “buy” rating in a report on Thursday, July 18th. KeyCorp increased their price target on shares of ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group lifted their price objective on ITT from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $151.00.

ITT 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.