Baker Avenue Asset Management LP Makes New Investment in ITT Inc. (NYSE:ITT)

Baker Avenue Asset Management LP purchased a new position in ITT Inc. (NYSE:ITT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,545 shares of the conglomerate's stock, valued at approximately $1,364,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oppenheimer Asset Management Inc. raised 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 worth $1,641,000 after buying an additional 81 shares during the period. EverSource Wealth Advisors LLC raised its holdings in ITT by 10.0% in 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 raised its holdings in shares of ITT by 4.2% during the fourth quarter. Tectonic Advisors LLC now owns 3,048 shares of the conglomerate's stock valued at $435,000 after acquiring an additional 123 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of ITT by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 2,534 shares of the conglomerate's stock worth $362,000 after purchasing an additional 125 shares during the last quarter. Finally, Quarry LP lifted its holdings in ITT by 101.6% in the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock valued at $35,000 after acquiring an additional 125 shares during the last quarter. 91.59% of the stock is owned by institutional investors.

ITT Stock Performance

Shares of ITT stock traded up $2.26 during trading on Thursday, reaching $143.69. The company's stock had a trading volume of 494,579 shares, compared to its average volume of 449,907. The company has a 50-day moving average price of $131.79 and a two-hundred day moving average price of $142.53. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $161.13. The firm has a market cap of $11.63 billion, a PE ratio of 22.81, a P/E/G ratio of 1.89 and a beta of 1.36. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

ITT (NYSE:ITT - Get Free Report) last announced its earnings results on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.01. ITT had a net margin of 14.27% and a return on equity of 18.03%. The business had revenue of $913.00 million during the quarter, compared to analysts' expectations of $901.22 million. During the same period in the prior year, the company earned $1.42 earnings per share. The business's revenue was up .3% compared to the same quarter last year. On average, analysts forecast that ITT Inc. will post 6.51 EPS for the current year.

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be paid a $0.351 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.40 annualized dividend and a yield of 0.98%. ITT's dividend payout ratio is currently 22.26%.

Analysts Set New Price Targets

ITT has been the subject of several research reports. Stifel Nicolaus upped their price objective on ITT from $148.00 to $161.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. KeyCorp lifted their price objective on ITT from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. StockNews.com upgraded shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday. UBS Group lifted their price target on shares of ITT from $165.00 to $168.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, Citigroup dropped their price objective on shares of ITT from $181.00 to $150.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, ITT presently has a consensus rating of "Moderate Buy" and an average target price of $161.86.

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.