Mirae Asset Global Investments Co. Ltd. Reduces Position in ITT Inc. (NYSE:ITT)

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of ITT Inc. (NYSE:ITT) by 27.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,960 shares of the conglomerate’s stock after selling 2,253 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in ITT were worth $894,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new position in ITT during the 2nd quarter worth approximately $27,000. UMB Bank n.a. grew its stake in ITT by 315.8% during the 3rd quarter. UMB Bank n.a. now owns 237 shares of the conglomerate’s stock worth $35,000 after buying an additional 180 shares during the last quarter. Headlands Technologies LLC purchased a new position in ITT during the 2nd quarter worth approximately $32,000. Brown Brothers Harriman & Co. acquired a new stake in ITT during the 2nd quarter worth approximately $36,000. Finally, Quent Capital LLC lifted its position in ITT by 53.9% during the 3rd quarter. Quent Capital LLC now owns 294 shares of the conglomerate’s stock worth $44,000 after acquiring an additional 103 shares during the period. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Stock Up 0.3 %

ITT opened at $140.53 on Friday. The business has a 50 day simple moving average of $142.94 and a 200-day simple moving average of $136.20. The stock has a market capitalization of $11.45 billion, a P/E ratio of 23.98, a P/E/G ratio of 1.92 and a beta of 1.40. ITT Inc. has a 12 month low of $95.53 and a 12 month high of $153.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.10.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.03. The firm had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. ITT’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.37 earnings per share. On average, equities analysts anticipate that ITT Inc. will post 5.82 earnings per share for the current fiscal year.

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a dividend of $0.319 per share. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.91%. ITT’s dividend payout ratio is presently 21.67%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ITT. Stifel Nicolaus increased their price objective on ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird decreased their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday. TD Cowen increased their price objective on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday. KeyCorp increased their price objective on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, The Goldman Sachs Group increased their price objective on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $157.78.

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.