Liberty Wealth Management LLC Acquires New Shares in ITT Inc. (NYSE:ITT)

Key Points

• Liberty Wealth Management LLC has made a new investment of approximately $4.56 million in ITT Inc., purchasing 35,267 shares in the first quarter.
• ITT Inc. reported $1.64 earnings per share for the latest quarter, exceeding analysts' expectations and representing a 7.3% increase in revenue year-over-year.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for ITT, with several firms raising their price targets for the stock, including Bank of America which set a target of $170.00.

Liberty Wealth Management LLC bought a new position in ITT Inc. (NYSE:ITT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 35,267 shares of the conglomerate's stock, valued at approximately $4,555,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP increased its holdings in shares of ITT by 101.6% during the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after purchasing an additional 125 shares during the period. Kapitalo Investimentos Ltda acquired a new stake in ITT during the fourth quarter worth about $59,000. Versant Capital Management Inc increased its stake in ITT by 3,513.3% during the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock valued at $70,000 after acquiring an additional 527 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its holdings in ITT by 13.1% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock valued at $107,000 after acquiring an additional 87 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of ITT by 72.7% in the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock valued at $103,000 after purchasing an additional 331 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Citigroup reissued a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a report on Monday, July 14th. Stifel Nicolaus upped their price target on ITT from $197.00 to $202.00 and gave the company a "buy" rating in a research report on Friday. Finally, Bank of America increased their price objective on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $177.88.

ITT Price Performance

ITT traded down $6.00 during midday trading on Friday, hitting $163.96. The company had a trading volume of 690,086 shares, compared to its average volume of 424,716. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The company has a market capitalization of $12.79 billion, a PE ratio of 25.78, a P/E/G ratio of 2.05 and a beta of 1.38. ITT Inc. has a twelve month low of $105.64 and a twelve month high of $170.16. The firm's 50-day simple moving average is $155.77 and its 200-day simple moving average is $145.05.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.02. The firm had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. ITT's revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 EPS. Equities research analysts predict that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.351 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a dividend yield of 0.9%. ITT's payout ratio is currently 22.26%.

ITT Company 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.