King Luther Capital Management Corp Cuts Stock Position in ITT Inc. (NYSE:ITT)

King Luther Capital Management Corp trimmed its position in ITT Inc. (NYSE:ITT) by 7.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,408 shares of the conglomerate’s stock after selling 4,738 shares during the period. King Luther Capital Management Corp’s holdings in ITT were worth $7,545,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITT. Norges Bank purchased a new stake in shares of ITT in the fourth quarter valued at about $102,709,000. Dynamic Technology Lab Private Ltd acquired a new position in ITT during the 4th quarter worth approximately $274,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of ITT in the 4th quarter valued at approximately $78,000. Corient Private Wealth LLC raised its position in ITT by 73.8% in the fourth quarter. Corient Private Wealth LLC now owns 10,523 shares of the conglomerate’s stock worth $1,256,000 after acquiring an additional 4,470 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in ITT by 142.4% in the fourth quarter. Franklin Resources Inc. now owns 15,924 shares of the conglomerate’s stock valued at $1,900,000 after acquiring an additional 9,354 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

ITT Price Performance

Shares of NYSE:ITT opened at $144.46 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.55. The business’s fifty day moving average price is $135.89 and its two-hundred day moving average price is $132.58. The stock has a market cap of $11.89 billion, a PE ratio of 28.33, a price-to-earnings-growth ratio of 1.71 and a beta of 1.40. ITT Inc. has a one year low of $91.94 and a one year high of $149.65.

ITT (NYSE:ITT) last released its earnings results on Thursday, August 1st. The conglomerate reported $1.49 EPS for the quarter, topping the consensus estimate of $1.46 by $0.03. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm had revenue of $905.90 million during the quarter, compared to analysts’ expectations of $916.38 million. During the same period in the previous year, the company earned $1.33 EPS. ITT’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts forecast that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.319 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.28 annualized dividend and a yield of 0.88%. ITT’s dividend payout ratio is presently 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.