Principal Financial Group Inc. Has $28.30 Million Stock Position in ITT Inc. (NYSE:ITT)

Principal Financial Group Inc. trimmed its stake in ITT Inc. (NYSE:ITT) by 30.9% in the third quarter, Holdings Channel reports. The firm owned 189,251 shares of the conglomerate’s stock after selling 84,821 shares during the quarter. Principal Financial Group Inc.’s holdings in ITT were worth $28,295,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Eagle Bluffs Wealth Management LLC increased its holdings in ITT by 0.4% during the second quarter. Eagle Bluffs Wealth Management LLC now owns 18,973 shares of the conglomerate’s stock worth $2,457,000 after buying an additional 82 shares during the last quarter. Tectonic Advisors LLC raised its holdings in shares of ITT by 3.3% in the 3rd quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate’s stock valued at $437,000 after purchasing an additional 93 shares during the period. AE Wealth Management LLC lifted its stake in ITT by 5.9% in the 2nd quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate’s stock valued at $233,000 after purchasing an additional 100 shares during the last quarter. Quent Capital LLC grew its holdings in ITT by 53.9% during the third quarter. Quent Capital LLC now owns 294 shares of the conglomerate’s stock worth $44,000 after purchasing an additional 103 shares during the period. Finally, HBK Sorce Advisory LLC increased its position in ITT by 4.7% during the first quarter. HBK Sorce Advisory LLC now owns 2,306 shares of the conglomerate’s stock worth $314,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. TD Cowen lifted their target price on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird decreased their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Stifel Nicolaus increased their price target on shares of ITT from $157.00 to $167.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, KeyCorp boosted their price objective on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ITT has an average rating of “Buy” and a consensus price target of $157.78.

ITT Price Performance

Shares of NYSE ITT opened at $153.29 on Wednesday. The stock has a market capitalization of $12.49 billion, a PE ratio of 26.16, a P/E/G ratio of 2.02 and a beta of 1.41. ITT Inc. has a fifty-two week low of $102.31 and a fifty-two week high of $155.52. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. The business has a fifty day moving average price of $144.78 and a two-hundred day moving average price of $137.43.

ITT (NYSE:ITT) last posted its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.03. ITT had a net margin of 13.67% and a return on equity of 17.98%. The business had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. During the same quarter in the prior year, the business posted $1.37 earnings per share. ITT’s revenue was up 7.7% compared to the same quarter last year. As a group, equities analysts predict 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 Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a dividend of $0.319 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.83%. ITT’s dividend payout ratio is currently 21.84%.

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.