Commerce Bank Grows Stock Holdings in ITT Inc. (NYSE:ITT)

Commerce Bank lifted its stake in ITT Inc. (NYSE:ITT) by 3.1% during the third quarter, HoldingsChannel.com reports. The firm owned 11,901 shares of the conglomerate’s stock after purchasing an additional 362 shares during the quarter. Commerce Bank’s holdings in ITT were worth $1,779,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Algert Global LLC purchased a new stake in shares of ITT in the second quarter worth $1,158,000. Harbor Capital Advisors Inc. lifted its stake in ITT by 242.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 22,407 shares of the conglomerate’s stock valued at $2,895,000 after acquiring an additional 15,866 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of ITT during the 1st quarter valued at about $1,388,000. AQR Capital Management LLC grew its position in ITT by 115.6% in the 2nd quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock worth $31,717,000 after purchasing an additional 131,708 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in ITT by 46.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 95,398 shares of the conglomerate’s stock valued at $14,263,000 after buying an additional 30,320 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

ITT Stock Performance

ITT opened at $158.38 on Friday. The company has a 50 day simple moving average of $148.28 and a two-hundred day simple moving average of $138.71. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. The firm has a market cap of $12.91 billion, a P/E ratio of 27.03, a PEG ratio of 2.02 and a beta of 1.41. ITT Inc. has a 1-year low of $107.01 and a 1-year high of $158.56.

ITT (NYSE:ITT) last issued its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The business had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. During the same quarter in the prior year, the business posted $1.37 EPS. ITT’s revenue for the quarter was up 7.7% compared to the same quarter last year. Equities analysts forecast that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s payout ratio is currently 21.84%.

Wall Street Analysts Forecast Growth

ITT has been the subject of several research analyst reports. KeyCorp lifted their price objective on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. TD Cowen boosted their price target on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus increased their price objective on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group increased their price target on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Robert W. Baird cut their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT presently has an average rating of “Buy” and a consensus price target of $161.88.

About ITT

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.