Short Interest in ITT Inc. (NYSE:ITT) Declines By 10.3%

ITT Inc. (NYSE:ITT) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 793,200 shares, a decrease of 10.3% from the May 31st total of 883,800 shares. Based on an average trading volume of 417,900 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.0% of the shares of the stock are short sold.

ITT Price Performance

Shares of ITT traded up $1.09 during mid-day trading on Wednesday, reaching $127.90. The company had a trading volume of 134,139 shares, compared to its average volume of 387,544. The company has a market capitalization of $10.53 billion, a P/E ratio of 25.08, a P/E/G ratio of 1.67 and a beta of 1.42. The company’s 50-day moving average is $131.80 and its 200-day moving average is $127.04. ITT has a twelve month low of $90.83 and a twelve month high of $140.20. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.59 and a quick ratio of 1.08.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.06. ITT had a return on equity of 18.21% and a net margin of 12.41%. The firm had revenue of $910.60 million during the quarter, compared to the consensus estimate of $883.21 million. During the same quarter in the previous year, the company posted $1.17 EPS. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts anticipate that ITT will post 5.85 EPS for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were paid a $0.319 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.00%. ITT’s dividend payout ratio (DPR) is currently 25.10%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ITT shares. KeyCorp upped their price target on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. DA Davidson increased their price target on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. UBS Group upped their price target on shares of ITT from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Stifel Nicolaus lifted their target price on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, Citigroup raised their target price on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a report on Monday, April 8th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $138.38.

Hedge Funds Weigh In On ITT

Several hedge funds have recently added to or reduced their stakes in ITT. Norges Bank bought a new position in ITT during the 4th quarter worth approximately $102,709,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of ITT by 73.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock worth $92,751,000 after buying an additional 288,671 shares during the period. BNP Paribas Asset Management Holding S.A. raised its position in ITT by 139.7% in the 4th quarter. BNP Paribas Asset Management Holding S.A. now owns 393,168 shares of the conglomerate’s stock valued at $46,912,000 after buying an additional 229,109 shares during the last quarter. Scopus Asset Management L.P. raised its holdings in shares of ITT by 127.3% in the third quarter. Scopus Asset Management L.P. now owns 196,391 shares of the conglomerate’s stock valued at $19,229,000 after purchasing an additional 110,000 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in ITT by 12.5% in the 1st quarter. Westfield Capital Management Co. LP now owns 723,617 shares of the conglomerate’s stock valued at $98,434,000 after buying an additional 80,652 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

ITT Company 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.