State Board of Administration of Florida Retirement System reduced its stake in ITT Inc. (NYSE:ITT) by 2.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 132,855 shares of the conglomerate’s stock after selling 2,750 shares during the period. State Board of Administration of Florida Retirement System’s holdings in ITT were worth $6,507,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in ITT. Creative Planning bought a new stake in shares of ITT in the 4th quarter valued at approximately $205,000. Alps Advisors Inc. bought a new stake in shares of ITT in the 4th quarter valued at approximately $209,000. AXA bought a new stake in shares of ITT in the 4th quarter valued at approximately $219,000. Burney Co. bought a new stake in shares of ITT in the 4th quarter valued at approximately $222,000. Finally, Portland Global Advisors LLC bought a new stake in shares of ITT in the 4th quarter valued at approximately $232,000. Institutional investors own 90.33% of the company’s stock.
In other ITT news, CFO Thomas M. Scalera sold 9,215 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total transaction of $458,630.55. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Steven C. Giuliano sold 11,940 shares of the company’s stock in a transaction on Friday, May 11th. The stock was sold at an average price of $52.98, for a total value of $632,581.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,090 shares of company stock worth $7,065,892. Company insiders own 1.00% of the company’s stock.
ITT (NYSE:ITT) last announced its earnings results on Friday, May 4th. The conglomerate reported $0.77 EPS for the quarter, topping the consensus estimate of $0.73 by $0.04. The business had revenue of $689.30 million for the quarter, compared to the consensus estimate of $680.75 million. ITT had a return on equity of 14.98% and a net margin of 6.37%. ITT’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 EPS. research analysts anticipate that ITT Inc. will post 3.1 earnings per share for the current fiscal year.
ITT declared that its board has initiated a stock repurchase program on Friday, February 16th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the conglomerate to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
Several equities research analysts have recently weighed in on the company. Robert W. Baird lowered their price objective on ITT from $64.00 to $62.00 and set an “outperform” rating on the stock in a research note on Monday, May 7th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Friday, May 4th. Oppenheimer reiterated a “buy” rating and issued a $60.00 price objective on shares of ITT in a research note on Friday, May 4th. Stifel Nicolaus reduced their target price on ITT from $62.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, April 16th. Finally, DA Davidson initiated coverage on ITT in a report on Wednesday, March 21st. They issued a “buy” rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $56.22.
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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