Short Interest in ITT Inc. (NYSE:ITT) Increases By 6.4%

ITT Inc. (NYSE:ITT) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 608,900 shares, an increase of 6.4% from the August 31st total of 572,300 shares. Based on an average daily volume of 375,200 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.8% of the shares of the stock are sold short.

Institutional Trading of ITT

A number of hedge funds have recently added to or reduced their stakes in ITT. Lynx Investment Advisory purchased a new position in shares of ITT during the 2nd quarter worth about $27,000. Rise Advisors LLC increased its position in ITT by 788.5% during the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 205 shares during the last quarter. Headlands Technologies LLC purchased a new position in ITT during the second quarter worth approximately $32,000. Brown Brothers Harriman & Co. purchased a new position in ITT during the second quarter worth approximately $36,000. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of ITT by 71.4% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 348 shares of the conglomerate’s stock valued at $45,000 after buying an additional 145 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Price Performance

NYSE:ITT traded down $1.73 during trading hours on Tuesday, reaching $147.78. 421,045 shares of the company traded hands, compared to its average volume of 382,788. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.10. The firm’s 50-day moving average is $137.16 and its 200-day moving average is $133.68. The stock has a market cap of $12.16 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.89 and a beta of 1.40. ITT has a 1-year low of $91.94 and a 1-year high of $152.21.

ITT (NYSE:ITT) last announced its earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share 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 the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. Equities research analysts expect that ITT will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Tuesday, September 3rd. ITT’s dividend payout ratio is currently 24.90%.

Analyst Upgrades and Downgrades

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

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.