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Albert D Mason Inc. Acquires 299 Shares of ITT Inc. (NYSE:ITT)

Financial News Live · Sep 19, 2022 15:31

Albert D Mason Inc. boosted its holdings in shares of ITT Inc. (NYSE:ITT – Get Rating) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,117 shares of the conglomerate's stock after purchasing an additional 299 shares during the period. ITT comprises 1.2% of Albert D Mason Inc.'s portfolio, making the stock its 18th biggest holding. Albert D Mason Inc.'s holdings in ITT were worth $1,622,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new position in shares of ITT in the first quarter valued at approximately $26,000. CVA Family Office LLC bought a new position in shares of ITT in the second quarter valued at approximately $26,000. Parkside Investments LLC bought a new position in shares of ITT in the first quarter valued at approximately $37,000. CWM LLC raised its stake in shares of ITT by 58.6% in the first quarter. CWM LLC now owns 590 shares of the conglomerate's stock valued at $44,000 after acquiring an additional 218 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of ITT by 38.1% in the first quarter. Fifth Third Bancorp now owns 1,120 shares of the conglomerate's stock valued at $84,000 after acquiring an additional 309 shares during the last quarter. Institutional investors own 91.12% of the company's stock.

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ITT Trading Up 1.2 %

Shares of ITT stock traded up $0.88 on Monday, hitting $71.39. The stock had a trading volume of 8,080 shares, compared to its average volume of 580,667. ITT Inc. has a twelve month low of $63.77 and a twelve month high of $105.54. The firm has a market cap of $5.90 billion, a P/E ratio of 17.79, a PEG ratio of 1.30 and a beta of 1.46. The company has a fifty day moving average price of $74.41 and a two-hundred day moving average price of $73.23.

ITT (NYSE:ITT – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. ITT had a net margin of 12.01% and a return on equity of 16.13%. The company had revenue of $733.30 million during the quarter, compared to analyst estimates of $715.19 million. During the same quarter in the previous year, the business earned $0.94 EPS. The firm's revenue was up 6.0% on a year-over-year basis. On average, analysts expect that ITT Inc. will post 4.43 earnings per share for the current year.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be paid a $0.264 dividend. This represents a $1.06 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date is Thursday, September 1st. ITT's payout ratio is presently 26.63%.

Insider Buying and Selling

In related news, SVP Mary Elizabeth Gustafsson sold 3,206 shares of the company's stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $81.95, for a total value of $262,731.70. Following the completion of the transaction, the senior vice president now directly owns 53,477 shares of the company's stock, valued at approximately $4,382,440.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of ITT from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. Cowen dropped their price objective on shares of ITT from $105.00 to $92.00 and set an "outperform" rating for the company in a research report on Monday, June 13th. Bank of America cut shares of ITT from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $113.00 to $74.00 in a research report on Monday, July 11th. KeyCorp dropped their price objective on shares of ITT from $100.00 to $90.00 and set an "overweight" rating for the company in a research report on Tuesday, July 12th. Finally, DA Davidson dropped their price objective on shares of ITT from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Tuesday, June 21st. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $90.20.

About ITT

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.