Penn Capital Management Co. Inc. lessened its holdings in shares of ITT Inc. (NYSE:ITT) by 29.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 180,603 shares of the conglomerate’s stock after selling 77,173 shares during the period. Penn Capital Management Co. Inc.’s holdings in ITT were worth $9,653,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Stevens First Principles Investment Advisors acquired a new position in ITT during the 3rd quarter worth $137,000. Huntington National Bank acquired a new position in ITT during the 3rd quarter worth $191,000. Creative Planning acquired a new position in ITT during the 4th quarter worth $205,000. Alps Advisors Inc. acquired a new position in ITT during the 4th quarter worth $209,000. Finally, Portland Global Advisors LLC acquired a new position in ITT during the 4th quarter worth $232,000. Institutional investors own 91.63% of the company’s stock.
Shares of ITT Inc. (NYSE:ITT) opened at $53.52 on Friday. The firm has a market capitalization of $4,709.76, a price-to-earnings ratio of 20.66, a PEG ratio of 1.41 and a beta of 1.54. ITT Inc. has a twelve month low of $36.93 and a twelve month high of $57.62.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Monday, March 12th will be issued a $0.134 dividend. This is a positive change from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a dividend yield of 1.00%. ITT’s dividend payout ratio is 39.84%.
ITT announced that its Board of Directors has authorized a stock buyback plan on Friday, February 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the conglomerate to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of research analysts have issued reports on ITT shares. Zacks Investment Research lowered ITT from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. KeyCorp reiterated a “buy” rating on shares of ITT in a research report on Friday, November 3rd. Seaport Global Securities reiterated a “buy” rating on shares of ITT in a research report on Monday, November 6th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, November 9th. Finally, Robert W. Baird restated an “outperform” rating and issued a $60.00 price objective (up previously from $51.00) on shares of ITT in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. ITT presently has an average rating of “Buy” and a consensus target price of $56.00.
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ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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