Massachusetts Financial Services Co. MA Trims Stock Position in ITT Inc. (NYSE:ITT)

Massachusetts Financial Services Co. MA trimmed its holdings in ITT Inc. (NYSE:ITT) by 19.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,325,361 shares of the conglomerate’s stock after selling 319,758 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.61% of ITT worth $171,210,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Stifel Nicolaus increased their target price on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, TD Cowen lifted their target price on ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $151.00.

ITT Trading Up 2.5 %

NYSE:ITT opened at $139.18 on Wednesday. ITT Inc. has a 12-month low of $91.94 and a 12-month high of $149.65. The firm has a market cap of $11.45 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 1.71 and a beta of 1.40. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $135.14 and a 200 day moving average price of $132.35.

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

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a $0.319 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. ITT’s payout ratio is 24.90%.

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.