Covea Finance Buys 40,200 Shares of ITT Inc. (NYSE:ITT)

by · The Cerbat Gem

Covea Finance boosted its position in shares of ITT Inc. (NYSE:ITT – Free Report) by 18.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 254,800 shares of the conglomerate’s stock after acquiring an additional 40,200 shares during the period. ITT accounts for about 1.7% of Covea Finance’s investment portfolio, making the stock its 20th largest position. Covea Finance’s holdings in ITT were worth $38,095,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Lynx Investment Advisory bought a new position in ITT in the 2nd quarter worth approximately $27,000. Rise Advisors LLC lifted its position in shares of ITT by 788.5% in the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock worth $31,000 after buying an additional 205 shares in the last quarter. UMB Bank n.a. boosted its stake in ITT by 315.8% during the third quarter. UMB Bank n.a. now owns 237 shares of the conglomerate’s stock valued at $35,000 after buying an additional 180 shares during the last quarter. Headlands Technologies LLC purchased a new position in ITT during the 2nd quarter valued at approximately $32,000. Finally, Brown Brothers Harriman & Co. bought a new stake in ITT in the 2nd quarter worth approximately $36,000. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Cowen raised their target price on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 15th. The Goldman Sachs Group increased their price target on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a report on Thursday. KeyCorp boosted their price objective on ITT from $150.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Finally, Stifel Nicolaus lifted their target price on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, ITT presently has a consensus rating of “Buy” and a consensus price target of $152.88.

Check Out Our Latest Analysis on ITT

ITT Trading Up 2.1 %

ITT traded up $3.11 during trading hours on Friday, reaching $152.08. 217,151 shares of the company’s stock traded hands, compared to its average volume of 379,465. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $138.97 and a 200 day moving average price of $134.77. ITT Inc. has a 52-week low of $91.94 and a 52-week high of $153.02. The firm has a market capitalization of $12.42 billion, a PE ratio of 29.00, a PEG ratio of 2.01 and a beta of 1.40.

ITT (NYSE:ITT – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, topping the consensus estimate of $1.46 by $0.03. The company had revenue of $905.90 million for the quarter, compared to the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. As a group, sell-side analysts predict that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $0.319 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.28 annualized dividend and a yield of 0.84%. ITT’s dividend payout ratio (DPR) is currently 24.43%.

ITT Company Profile

(Free Report)

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.

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