Raymond James & Associates Grows Stock Position in ITT Inc. (NYSE:ITT)

Raymond James & Associates grew its position in shares of ITT Inc. (NYSE:ITT - Free Report) by 17.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 74,618 shares of the conglomerate's stock after acquiring an additional 10,853 shares during the quarter. Raymond James & Associates owned 0.09% of ITT worth $8,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of ITT. Franklin Resources Inc. raised its stake in shares of ITT by 3.9% during the 2nd quarter. Franklin Resources Inc. now owns 2,766 shares of the conglomerate's stock worth $258,000 after purchasing an additional 105 shares during the period. IFP Advisors Inc raised its stake in shares of ITT by 63.4% during the 3rd quarter. IFP Advisors Inc now owns 304 shares of the conglomerate's stock worth $30,000 after purchasing an additional 118 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in shares of ITT by 4.5% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,716 shares of the conglomerate's stock worth $267,000 after purchasing an additional 118 shares during the period. J.P. Morgan Private Wealth Advisors LLC raised its stake in shares of ITT by 1.6% during the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 9,099 shares of the conglomerate's stock worth $891,000 after purchasing an additional 139 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of ITT by 3.0% during the 4th quarter. Quantinno Capital Management LP now owns 5,412 shares of the conglomerate's stock worth $439,000 after purchasing an additional 157 shares during the period. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Price Performance

Shares of ITT traded up $1.03 during midday trading on Friday, hitting $132.59. 330,612 shares of the company traded hands, compared to its average volume of 373,853. The stock has a 50-day moving average of $127.31 and a 200-day moving average of $114.43. ITT Inc. has a one year low of $75.82 and a one year high of $138.29. The firm has a market cap of $10.91 billion, a P/E ratio of 26.73, a PEG ratio of 1.82 and a beta of 1.43.

ITT (NYSE:ITT - Get Free Report) last announced its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, meeting the consensus estimate of $1.34. ITT had a return on equity of 17.91% and a net margin of 12.50%. The firm had revenue of $829.10 million for the quarter, compared to analysts' expectations of $814.38 million. During the same period in the prior year, the business posted $1.29 earnings per share. The company's revenue was up 7.0% on a year-over-year basis. Sell-side analysts forecast that ITT Inc. will post 5.79 EPS for the current fiscal year.

ITT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were issued a dividend of $0.319 per share. This is a positive change from ITT's previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.28 annualized dividend and a dividend yield of 0.96%. ITT's payout ratio is presently 25.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ITT shares. Stifel Nicolaus lifted their target price on ITT from $122.00 to $131.00 and gave the stock a "buy" rating in a research note on Tuesday, December 19th. StockNews.com cut ITT from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 6th. Citigroup boosted their price objective on ITT from $122.00 to $134.00 and gave the company a "buy" rating in a research note on Monday, December 11th. Finally, DA Davidson boosted their price objective on ITT from $140.00 to $155.00 and gave the company a "buy" rating in a research note on Tuesday, March 26th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $124.57.

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.