Oppenheimer Asset Management Inc. Boosts Holdings in ITT Inc. (NYSE:ITT)

Oppenheimer Asset Management Inc. grew its stake in shares of ITT Inc. (NYSE:ITT) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,486 shares of the conglomerate’s stock after purchasing an additional 81 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ITT were worth $1,641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Eagle Asset Management Inc. purchased a new position in shares of ITT during the 3rd quarter worth approximately $67,503,000. International Assets Investment Management LLC boosted its position in shares of ITT by 16,832.5% during the third quarter. International Assets Investment Management LLC now owns 14,054 shares of the conglomerate’s stock valued at $2,101,000 after purchasing an additional 13,971 shares in the last quarter. Algert Global LLC boosted its position in shares of ITT by 101.2% during the third quarter. Algert Global LLC now owns 18,034 shares of the conglomerate’s stock valued at $2,696,000 after purchasing an additional 9,070 shares in the last quarter. Pier 88 Investment Partners LLC grew its stake in ITT by 268.1% in the third quarter. Pier 88 Investment Partners LLC now owns 27,830 shares of the conglomerate’s stock worth $4,161,000 after purchasing an additional 20,270 shares during the period. Finally, Vest Financial LLC raised its holdings in ITT by 63.8% in the fourth quarter. Vest Financial LLC now owns 17,004 shares of the conglomerate’s stock worth $2,430,000 after purchasing an additional 6,626 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. UBS Group upped their target price on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Wolfe Research assumed coverage on shares of ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating on the stock. Stifel Nicolaus lowered their target price on shares of ITT from $180.00 to $179.00 and set a “buy” rating for the company in a report on Friday, January 24th. KeyCorp boosted their price target on ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, StockNews.com raised ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $168.38.

ITT Stock Down 2.8 %

ITT stock opened at $137.30 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 0.96. ITT Inc. has a 1-year low of $121.01 and a 1-year high of $161.13. The stock has a market capitalization of $11.18 billion, a P/E ratio of 21.79, a P/E/G ratio of 1.89 and a beta of 1.41. The business has a fifty day moving average price of $145.76 and a 200-day moving average price of $146.01.

ITT (NYSE:ITT) last issued its earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. ITT had a return on equity of 18.03% and a net margin of 14.27%. Equities analysts forecast that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be given a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Thursday, March 6th. This is an increase from ITT’s previous quarterly dividend of $0.32. ITT’s payout ratio is 22.22%.

About ITT

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.