Pallas Capital Advisors LLC Purchases New Holdings in ITT Inc. (NYSE:ITT)

Pallas Capital Advisors LLC bought a new position in shares of ITT Inc. (NYSE:ITT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,412 shares of the conglomerate's stock, valued at approximately $441,000.

A number of other institutional investors have also modified their holdings of the company. Select Equity Group L.P. raised its position in shares of ITT by 7.7% in the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate's stock valued at $652,237,000 after buying an additional 326,947 shares during the last quarter. Invesco Ltd. raised its position in shares of ITT by 12.2% in the fourth quarter. Invesco Ltd. now owns 1,560,381 shares of the conglomerate's stock valued at $222,947,000 after buying an additional 169,054 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of ITT by 14.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,366,576 shares of the conglomerate's stock valued at $195,256,000 after buying an additional 169,944 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of ITT by 17.7% in the fourth quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate's stock valued at $162,784,000 after buying an additional 171,474 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of ITT in the fourth quarter valued at approximately $134,433,000. Institutional investors and hedge funds own 91.59% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ITT. Bank of America upped their price target on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. KeyCorp upped their price target on shares of ITT from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Stifel Nicolaus upped their price target on shares of ITT from $161.00 to $171.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Citigroup decreased their price objective on shares of ITT from $181.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group boosted their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $165.50.

ITT Stock Up 0.9%

ITT traded up $1.32 during trading on Monday, hitting $151.78. The company had a trading volume of 328,686 shares, compared to its average volume of 449,584. The company has a market cap of $11.95 billion, a PE ratio of 24.09, a P/E/G ratio of 1.89 and a beta of 1.35. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $161.13. The business has a 50-day moving average of $142.43 and a 200-day moving average of $142.42. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 0.96.

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

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Monday, June 2nd. ITT's dividend 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.