Cambridge Investment Research Advisors Inc. grew its position in ITT Inc. (NYSE:ITT) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,904 shares of the conglomerate’s stock after purchasing an additional 435 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in ITT were worth $335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of ITT. Capital International Investors boosted its position in shares of ITT by 124.1% in the second quarter. Capital International Investors now owns 5,517,559 shares of the conglomerate’s stock worth $505,353,000 after purchasing an additional 3,055,684 shares during the period. Renaissance Technologies LLC bought a new position in shares of ITT in the second quarter worth approximately $14,883,000. Morgan Stanley boosted its position in shares of ITT by 232.4% in the second quarter. Morgan Stanley now owns 232,334 shares of the conglomerate’s stock worth $21,279,000 after purchasing an additional 162,435 shares during the period. State Street Corp boosted its position in shares of ITT by 6.4% in the second quarter. State Street Corp now owns 2,142,673 shares of the conglomerate’s stock worth $196,738,000 after purchasing an additional 128,030 shares during the period. Finally, Amundi bought a new position in shares of ITT in the second quarter worth approximately $9,849,000. Institutional investors and hedge funds own 92.05% of the company’s stock.
A number of equities analysts have weighed in on the stock. TheStreet upgraded shares of ITT from a “c+” rating to a “b” rating in a research report on Thursday, November 4th. Citigroup upped their target price on shares of ITT from $111.00 to $116.00 and gave the stock a “buy” rating in a research report on Friday, November 5th. Bank of America upgraded shares of ITT from a “neutral” rating to a “buy” rating and upped their target price for the stock from $112.00 to $130.00 in a research report on Wednesday, December 8th. Finally, Cowen upped their target price on shares of ITT from $95.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, December 6th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $109.00.
ITT (NYSE:ITT) last announced its earnings results on Wednesday, November 3rd. The conglomerate reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.06. ITT had a net margin of 7.14% and a return on equity of 16.29%. The business had revenue of $689.60 million for the quarter, compared to the consensus estimate of $671.80 million. During the same quarter in the prior year, the firm posted $0.82 earnings per share. As a group, sell-side analysts anticipate that ITT Inc. will post 4.05 EPS for the current year.
ITT, Inc engages in the manufacture and sale of engineered components and customized technology solutions in the field of energy, transportation, and industrial markets. It operates through the following segments: Motion Technologies, Industrial Process, and Connect and Control Technologies. The Motion Technologies segment manufactures brake components and specialized sealing solutions, shock absorbers and damping technologies primarily for the global automotive, truck and trailer, public bus and rail transportation.
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