Raymond James & Associates Grows Stock Holdings in ITT Inc. (NYSE:ITT)

Raymond James & Associates lifted its position in ITT Inc. (NYSE:ITT) by 1.6% in the second quarter, Holdings Channel.com reports. The firm owned 67,473 shares of the conglomerate’s stock after purchasing an additional 1,036 shares during the quarter. Raymond James & Associates’ holdings in ITT were worth $8,716,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of ITT by 38.7% during the second quarter. Blue Trust Inc. now owns 423 shares of the conglomerate’s stock valued at $58,000 after buying an additional 118 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in ITT by 3.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,313 shares of the conglomerate’s stock valued at $1,074,000 after purchasing an additional 266 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of ITT by 4.0% during the second quarter. Sequoia Financial Advisors LLC now owns 24,082 shares of the conglomerate’s stock valued at $3,111,000 after buying an additional 933 shares during the period. Gateway Investment Advisers LLC purchased a new position in ITT during the 2nd quarter valued at $1,508,000. Finally, SG Americas Securities LLC bought a new stake in shares of ITT during the 2nd quarter valued at about $4,873,000. 91.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

ITT Price Performance

ITT opened at $137.75 on Tuesday. The firm has a market cap of $11.34 billion, a PE ratio of 27.01, a P/E/G ratio of 1.81 and a beta of 1.41. The stock has a 50-day moving average price of $133.43 and a 200-day moving average price of $131.26. ITT Inc. has a 1 year low of $91.94 and a 1 year high of $149.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.08.

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

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $0.319 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.28 annualized dividend and a yield of 0.93%. ITT’s dividend payout ratio (DPR) is presently 24.90%.

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.