Ritholtz Wealth Management Makes New $219,000 Investment in ITT Inc. (NYSE:ITT)

Ritholtz Wealth Management acquired a new position in shares of ITT Inc. (NYSE:ITT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,697 shares of the conglomerate's stock, valued at approximately $219,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its holdings in shares of ITT by 0.7% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,486 shares of the conglomerate's stock valued at $1,641,000 after acquiring an additional 81 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted 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 purchasing an additional 87 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in ITT by 10.0% during 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 last quarter. CIBC Asset Management Inc raised its position in shares of ITT by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 2,534 shares of the conglomerate's stock valued at $362,000 after buying an additional 125 shares during the last quarter. Finally, Quarry LP grew its stake in ITT by 101.6% during the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock valued at $35,000 after acquiring an additional 125 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Stock Performance

Shares of ITT stock traded up $1.86 during trading on Tuesday, reaching $155.21. The company had a trading volume of 424,309 shares, compared to its average volume of 452,910. The company has a market cap of $12.22 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.35. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $161.13. The firm's fifty day moving average is $145.04 and its 200-day moving average is $142.23.

ITT (NYSE:ITT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.01. The firm had revenue of $913.00 million for the quarter, compared to analyst estimates of $901.22 million. ITT had a net margin of 14.19% and a return on equity of 17.75%. ITT's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. On average, research analysts anticipate that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend is Monday, June 2nd. ITT's dividend payout ratio is 22.26%.

Analyst Upgrades and Downgrades

ITT has been the subject of a number of research analyst reports. Bank of America increased their price target on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. The Goldman Sachs Group boosted their price target on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a research report on Monday, May 19th. KeyCorp lifted their target price on ITT from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price objective on shares of ITT from $161.00 to $171.00 and gave the company a "buy" rating in a research note on Friday, May 16th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, ITT currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.50.

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.