Vestcor Inc Invests $675,000 in ITT Inc. (NYSE:ITT)

Vestcor Inc bought a new position in shares of ITT Inc. (NYSE:ITT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,723 shares of the conglomerate’s stock, valued at approximately $675,000.

A number of other large investors have also modified their holdings of the business. M&T Bank Corp grew its holdings in shares of 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 in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of ITT by 0.7% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,486 shares of the conglomerate’s stock valued at $1,641,000 after purchasing an additional 81 shares during the period. CIBC Asset Management Inc grew its holdings in shares of ITT by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,409 shares of the conglomerate’s stock valued at $360,000 after purchasing an additional 87 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of ITT by 10.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the conglomerate’s stock valued at $183,000 after purchasing an additional 116 shares during the period. Finally, Tectonic Advisors LLC grew its holdings in shares of ITT by 4.2% in the fourth 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 period. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITT. UBS Group upped their price objective on shares of ITT from $165.00 to $168.00 and gave the company a “buy” rating in a report on Friday, February 7th. StockNews.com raised shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. KeyCorp increased their target price 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. Wolfe Research started coverage on shares of ITT in a research note on Wednesday, December 11th. They set a “peer perform” rating for the company. Finally, Stifel Nicolaus lowered their target price on shares of ITT from $180.00 to $179.00 and set a “buy” rating for the company in a research note on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $168.38.

ITT Stock Up 4.0 %

Shares of ITT opened at $135.12 on Monday. The stock has a market capitalization of $11.00 billion, a PE ratio of 21.45, a P/E/G ratio of 1.89 and a beta of 1.42. ITT Inc. has a 1 year low of $121.01 and a 1 year high of $161.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40. The company’s 50-day simple moving average is $144.29 and its 200-day simple moving average is $145.96.

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

ITT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 6th will be given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Thursday, March 6th. This is a boost from ITT’s previous quarterly dividend of $0.32. ITT’s dividend payout ratio is currently 22.22%.

ITT Profile

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.