CIBC Asset Management Inc Increases Stock Holdings in ITT Inc. (NYSE:ITT)

CIBC Asset Management Inc grew its holdings in shares of ITT Inc. (NYSE:ITT) by 5.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,534 shares of the conglomerate’s stock after purchasing an additional 125 shares during the period. CIBC Asset Management Inc’s holdings in ITT were worth $362,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Eagle Asset Management Inc. purchased a new position in shares of ITT in the 3rd quarter valued at about $67,503,000. Erste Asset Management GmbH purchased a new position in ITT in the third quarter worth approximately $7,075,000. Polar Asset Management Partners Inc. grew its holdings in ITT by 68.9% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 111,000 shares of the conglomerate’s stock worth $16,596,000 after acquiring an additional 45,300 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of ITT by 15.4% in the 3rd quarter. Victory Capital Management Inc. now owns 306,516 shares of the conglomerate’s stock valued at $45,827,000 after purchasing an additional 40,860 shares during the last quarter. Finally, Regents Gate Capital LLP acquired a new stake in shares of ITT in the 4th quarter valued at $4,323,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ITT shares. Stifel Nicolaus cut their price target on ITT from $180.00 to $179.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. TD Cowen raised their target price on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. KeyCorp upped their price target on ITT from $164.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Citigroup dropped their price target on shares of ITT from $183.00 to $181.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, UBS Group boosted their price objective on shares of ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, ITT presently has an average rating of “Moderate Buy” and an average price target of $168.38.

ITT Stock Performance

Shares of ITT opened at $141.85 on Monday. ITT Inc. has a 1 year low of $121.01 and a 1 year high of $161.13. The company’s 50 day simple moving average is $146.34 and its 200 day simple moving average is $145.72. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 1.89 and a beta of 1.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40.

ITT (NYSE:ITT) last posted its quarterly earnings data on Thursday, February 6th. The conglomerate reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. On average, sell-side analysts predict that ITT Inc. will post 6.51 EPS for the current year.

ITT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be given a $0.351 dividend. This is a boost from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Thursday, March 6th. ITT’s dividend payout ratio is presently 20.32%.

ITT 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.