Wedge Capital Management L L P NC Sells 22,900 Shares of ITT Inc (ITT)

Wedge Capital Management L L P NC lowered its position in shares of ITT Inc (NYSE:ITT) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 570,283 shares of the conglomerate’s stock after selling 22,900 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.65% of ITT worth $34,936,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sun Life Financial INC acquired a new stake in shares of ITT during the second quarter worth $375,000. BlackRock Inc. grew its stake in shares of ITT by 1.3% during the second quarter. BlackRock Inc. now owns 7,747,776 shares of the conglomerate’s stock worth $404,973,000 after purchasing an additional 100,364 shares during the period. Bank of America Corp DE grew its stake in shares of ITT by 2.5% during the second quarter. Bank of America Corp DE now owns 1,055,247 shares of the conglomerate’s stock worth $55,157,000 after purchasing an additional 25,508 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of ITT by 3.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 34,248 shares of the conglomerate’s stock worth $1,790,000 after purchasing an additional 986 shares during the period. Finally, Arizona State Retirement System grew its stake in shares of ITT by 1.9% during the second quarter. Arizona State Retirement System now owns 60,680 shares of the conglomerate’s stock worth $3,172,000 after purchasing an additional 1,140 shares during the period. Institutional investors own 90.64% of the company’s stock.

NYSE:ITT opened at $56.97 on Friday. ITT Inc has a 1 year low of $46.10 and a 1 year high of $63.04. The stock has a market capitalization of $4.99 billion, a price-to-earnings ratio of 22.00, a price-to-earnings-growth ratio of 1.47 and a beta of 1.71.

ITT (NYSE:ITT) last posted its earnings results on Friday, November 2nd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. ITT had a return on equity of 15.40% and a net margin of 7.02%. The firm had revenue of $680.60 million during the quarter, compared to analysts’ expectations of $677.36 million. During the same period in the previous year, the firm earned $0.66 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. Equities research analysts predict that ITT Inc will post 3.15 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be paid a $0.134 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.54 dividend on an annualized basis and a yield of 0.94%. ITT’s payout ratio is 20.85%.

A number of equities research analysts recently commented on ITT shares. Oppenheimer reaffirmed a “buy” rating and set a $67.00 price objective (up from $60.00) on shares of ITT in a research note on Friday, August 3rd. Zacks Investment Research raised ITT from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Wednesday, August 8th. Stifel Nicolaus boosted their target price on ITT from $59.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, August 6th. ValuEngine cut ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Gordon Haskett began coverage on ITT in a research note on Friday, October 12th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. ITT has a consensus rating of “Buy” and a consensus price target of $66.13.

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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.

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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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