Neuberger Berman Group LLC Has $18.31 Million Stock Position in ITT Inc. (NYSE:ITT)

Key Points

• Neuberger Berman Group LLC reduced its stake in ITT Inc. by 3.4% during the first quarter, now owning 141,730 shares valued at approximately $18.31 million.
• ITT reported a 7.3% year-over-year increase in quarterly revenue, amounting to $972.40 million, with an earnings per share (EPS) of $1.64 for the quarter.
• The company announced a quarterly dividend of $0.351 per share scheduled for payment on September 29th, representing an annualized yield of 0.8%.

Neuberger Berman Group LLC reduced its stake in ITT Inc. (NYSE:ITT - Free Report) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 141,730 shares of the conglomerate's stock after selling 4,920 shares during the quarter. Neuberger Berman Group LLC owned about 0.18% of ITT worth $18,306,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITT. Bank of Montreal Can lifted its stake in ITT by 2.0% in the fourth quarter. Bank of Montreal Can now owns 20,553 shares of the conglomerate's stock valued at $2,937,000 after buying an additional 404 shares during the period. Sterling Capital Management LLC lifted its stake in ITT by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 4,883 shares of the conglomerate's stock valued at $698,000 after buying an additional 1,741 shares during the period. Synovus Financial Corp lifted its stake in ITT by 1.4% in the fourth quarter. Synovus Financial Corp now owns 10,140 shares of the conglomerate's stock valued at $1,449,000 after buying an additional 137 shares during the period. Barclays PLC lifted its stake in ITT by 114.0% in the fourth quarter. Barclays PLC now owns 134,206 shares of the conglomerate's stock valued at $19,176,000 after buying an additional 71,503 shares during the period. Finally, Mariner LLC lifted its stake in ITT by 8.6% in the fourth quarter. Mariner LLC now owns 15,386 shares of the conglomerate's stock valued at $2,198,000 after buying an additional 1,221 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Stock Up 0.5%

ITT stock opened at $170.84 on Thursday. 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 $13.33 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 2.09 and a beta of 1.38. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57. The stock has a fifty day moving average of $158.42 and a 200-day moving average of $145.95.

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

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.351 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. ITT's dividend payout ratio is 22.01%.

Analyst Ratings Changes

Several brokerages have issued reports on ITT. DA Davidson set a $190.00 price target on ITT and gave the company a "buy" rating in a research note on Monday, August 4th. Bank of America upped their target price on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Citigroup reaffirmed a "buy" rating and set a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. Stifel Nicolaus upped their target price on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $179.22.

Insider Transactions at ITT

In other ITT news, CEO Luca Savi sold 36,385 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $5,994,792.60. Following the sale, the chief executive officer owned 297,536 shares of the company's stock, valued at $49,022,031.36. This trade represents a 10.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.47% of the company's stock.

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.

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