Suncoast Equity Management Acquires 2,001 Shares of ITT Inc. (NYSE:ITT)

Suncoast Equity Management raised its holdings in ITT Inc. (NYSE:ITT - Free Report) by 17.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,596 shares of the conglomerate's stock after buying an additional 2,001 shares during the quarter. Suncoast Equity Management's holdings in ITT were worth $1,756,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its stake in 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 buying an additional 81 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in ITT by 13.1% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock valued at $107,000 after buying an additional 87 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in ITT by 10.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the conglomerate's stock valued at $183,000 after buying an additional 116 shares during the last quarter. CIBC Asset Management Inc raised its stake in ITT by 5.2% during 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 raised its stake in ITT by 101.6% during the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock valued at $35,000 after buying an additional 125 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

ITT Price Performance

Shares of ITT opened at $150.83 on Friday. ITT Inc. has a one year low of $105.64 and a one year high of $161.13. The firm has a market capitalization of $11.87 billion, a P/E ratio of 23.98, a PEG ratio of 1.97 and a beta of 1.35. The business has a fifty day moving average of $144.51 and a 200 day moving average of $142.45.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. ITT had a return on equity of 17.75% and a net margin of 14.19%. The company had revenue of $913.00 million during the quarter, compared to analyst estimates of $901.22 million. During the same quarter in the previous year, the company posted $1.42 earnings per share. ITT's revenue was up .3% compared to the same quarter last year. Analysts expect that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be issued a $0.351 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Monday, June 2nd. ITT's payout ratio is currently 22.26%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ITT shares. Citigroup lowered their price objective on ITT from $181.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Stifel Nicolaus boosted their price target on ITT from $161.00 to $171.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Bank of America boosted their price target on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, KeyCorp boosted their price target on ITT from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, ITT presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.50.

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.

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