Tributary Capital Management LLC trimmed its stake in ITT Inc (NYSE:ITT) by 18.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,400 shares of the conglomerate’s stock after selling 5,400 shares during the period. Tributary Capital Management LLC’s holdings in ITT were worth $1,729,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of ITT. First Trust Advisors LP lifted its stake in shares of ITT by 262.9% in the 1st quarter. First Trust Advisors LP now owns 49,852 shares of the conglomerate’s stock valued at $2,891,000 after purchasing an additional 36,114 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in shares of ITT by 5.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 96,018 shares of the conglomerate’s stock valued at $5,569,000 after purchasing an additional 4,720 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of ITT by 0.7% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 157,516 shares of the conglomerate’s stock valued at $10,314,000 after purchasing an additional 1,156 shares during the last quarter. AXA lifted its stake in shares of ITT by 6.0% in the 2nd quarter. AXA now owns 18,359 shares of the conglomerate’s stock valued at $1,202,000 after purchasing an additional 1,042 shares during the last quarter. Finally, HighTower Advisors LLC bought a new stake in shares of ITT in the 2nd quarter valued at approximately $235,000. 90.77% of the stock is owned by institutional investors and hedge funds.
Shares of ITT stock opened at $73.30 on Friday. ITT Inc has a 52-week low of $50.38 and a 52-week high of $75.56. The firm has a market capitalization of $6.35 billion, a P/E ratio of 22.69, a P/E/G ratio of 2.05 and a beta of 1.67. The stock has a 50 day moving average price of $72.56 and a 200 day moving average price of $64.31.
ITT announced that its Board of Directors has authorized a share buyback plan on Friday, November 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the conglomerate to purchase up to 8.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently issued reports on ITT shares. ValuEngine lowered ITT from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Goldman Sachs Group raised ITT from a “neutral” rating to a “buy” rating and raised their price objective for the company from $70.00 to $81.00 in a research note on Tuesday, December 10th. Zacks Investment Research raised ITT from a “sell” rating to a “hold” rating and set a $63.00 price objective for the company in a research note on Monday, October 14th. KeyCorp raised their price target on ITT from $70.00 to $80.00 in a research note on Wednesday, November 27th. Finally, Oppenheimer raised their price target on ITT from to in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $73.75.
In related news, insider Farrokh Batliwala sold 4,400 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $69.51, for a total transaction of $305,844.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Orlando D. Ashford sold 2,399 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $72.36, for a total value of $173,591.64. Following the sale, the director now directly owns 20,215 shares of the company’s stock, valued at $1,462,757.40. The disclosure for this sale can be found here. Insiders have sold a total of 13,197 shares of company stock valued at $920,969 over the last three months. 1.00% of the stock is owned by corporate insiders.
ITT Company Profile
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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