Norges Bank Buys Shares of 940,881 ITT Inc. (NYSE:ITT)

Norges Bank purchased a new position in shares of ITT Inc. (NYSE:ITT) in the fourth quarter, HoldingsChannel reports. The firm purchased 940,881 shares of the conglomerate’s stock, valued at approximately $134,433,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. M&T Bank Corp boosted its stake in ITT by 1.3% during the third quarter. M&T Bank Corp now owns 5,334 shares of the conglomerate’s stock worth $797,000 after buying an additional 69 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in shares of ITT by 0.7% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 11,486 shares of the conglomerate’s stock worth $1,641,000 after acquiring an additional 81 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of ITT by 10.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the conglomerate’s stock worth $183,000 after purchasing an additional 116 shares during the period. Tectonic Advisors LLC increased its holdings in ITT by 4.2% in the 4th quarter. Tectonic Advisors LLC now owns 3,048 shares of the conglomerate’s stock valued at $435,000 after purchasing an additional 123 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in ITT by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 2,534 shares of the conglomerate’s stock valued at $362,000 after purchasing an additional 125 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Stock Up 0.4 %

Shares of ITT stock opened at $129.18 on Tuesday. ITT Inc. has a 52-week low of $121.01 and a 52-week high of $161.13. The company has a 50 day moving average of $142.19 and a 200 day moving average of $146.08. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $10.52 billion, a P/E ratio of 20.50, a P/E/G ratio of 1.89 and a beta of 1.42.

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

ITT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 6th were given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from ITT’s previous quarterly dividend of $0.32. ITT’s dividend payout ratio (DPR) is 22.22%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ITT. Wolfe Research started coverage on ITT in a research note on Wednesday, December 11th. They issued a “peer perform” rating for the company. StockNews.com raised ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. KeyCorp boosted their price target on shares of ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Citigroup lowered their price objective on shares of ITT from $183.00 to $181.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, UBS Group increased their target price on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, ITT presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.29.

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.