Select Equity Group L.P. Buys 351,206 Shares of ITT Inc. (NYSE:ITT)

Select Equity Group L.P. grew its stake in ITT Inc. (NYSE:ITT) by 11.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,340,392 shares of the conglomerate’s stock after acquiring an additional 351,206 shares during the period. ITT accounts for 1.7% of Select Equity Group L.P.’s holdings, making the stock its 19th biggest holding. Select Equity Group L.P. owned about 4.06% of ITT worth $431,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of ITT. Capital International Investors grew its stake in ITT by 0.3% in the fourth quarter. Capital International Investors now owns 9,414,867 shares of the conglomerate’s stock worth $1,123,533,000 after purchasing an additional 29,057 shares in the last quarter. Vanguard Group Inc. grew its position in shares of ITT by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 8,463,809 shares of the conglomerate’s stock worth $1,009,902,000 after buying an additional 65,173 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of ITT by 5.6% during the second quarter. Dimensional Fund Advisors LP now owns 954,809 shares of the conglomerate’s stock valued at $123,338,000 after buying an additional 50,329 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of ITT by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock valued at $106,961,000 after acquiring an additional 3,370 shares in the last quarter. Finally, Fiduciary Management Inc. WI lifted its stake in ITT by 3.8% in the fourth quarter. Fiduciary Management Inc. WI now owns 742,571 shares of the conglomerate’s stock worth $88,604,000 after acquiring an additional 27,210 shares during the period. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Trading Up 1.9 %

NYSE ITT opened at $150.65 on Friday. ITT Inc. has a 52 week low of $91.94 and a 52 week high of $151.52. The company has a 50 day moving average price of $136.73 and a 200 day moving average price of $133.27. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market cap of $12.31 billion, a PE ratio of 29.54, a price-to-earnings-growth ratio of 1.89 and a beta of 1.40.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, beating the consensus estimate of $1.46 by $0.03. The firm had revenue of $905.90 million during the quarter, compared to analyst estimates of $916.38 million. ITT had a return on equity of 18.30% and a net margin of 12.47%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 EPS. As a group, sell-side analysts forecast that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.85%. The ex-dividend date is Tuesday, September 3rd. ITT’s dividend payout ratio is presently 25.10%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Stifel Nicolaus raised their target price on shares of ITT from $150.00 to $157.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. KeyCorp lifted their price objective on shares of ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, TD Cowen upped their target price on ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $151.00.

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.