Allspring Global Investments Holdings LLC grew its holdings in ITT Inc. (NYSE:ITT – Free Report) by 216.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,859 shares of the conglomerate’s stock after acquiring an additional 3,324 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ITT were worth $453,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in ITT. Clearstead Advisors LLC purchased a new position in shares of ITT in the 1st quarter valued at $26,000. KB Financial Partners LLC purchased a new stake in ITT during the 1st quarter worth $36,000. Barrett & Company Inc. purchased a new stake in ITT during the 1st quarter worth $39,000. Endurance Wealth Management Inc. purchased a new stake in ITT during the 1st quarter worth $43,000. Finally, WealthPlan Investment Management LLC purchased a new stake in ITT during the 1st quarter worth $60,000. Hedge funds and other institutional investors own 90.73% of the company’s stock.
Insider Activity at ITT
In related news, Director Don Defosset sold 9,996 shares of the business’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $101.25, for a total transaction of $1,012,095.00. Following the completion of the sale, the director now owns 20,694 shares of the company’s stock, valued at approximately $2,095,267.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.60% of the company’s stock.
ITT Stock Up 2.3 %
ITT declared that its board has approved a stock repurchase program on Wednesday, October 4th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the conglomerate to reacquire up to 12.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
ITT Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Thursday, November 30th. ITT’s dividend payout ratio is presently 22.14%.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on ITT. Robert W. Baird lifted their price target on shares of ITT from $101.00 to $107.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 29th. KeyCorp raised their price objective on shares of ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. Stifel Nicolaus raised their price objective on shares of ITT from $106.00 to $113.00 and gave the stock a “buy” rating in a report on Wednesday, July 19th. Finally, Bank of America raised their price objective on shares of ITT from $97.00 to $105.00 in a report on Friday, July 14th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, ITT currently has a consensus rating of “Buy” and an average price target of $108.43.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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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