ITT Inc. (NYSE:ITT) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its holdings in shares of ITT Inc. (NYSE:ITT) by 41.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,744 shares of the conglomerate’s stock after selling 12,064 shares during the period. Franklin Resources Inc.’s holdings in ITT were worth $2,570,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Eagle Asset Management Inc. purchased a new stake in ITT in the 3rd quarter worth approximately $67,503,000. Mawer Investment Management Ltd. acquired a new stake in shares of ITT during the 2nd quarter worth approximately $49,043,000. Select Equity Group L.P. raised its stake in shares of ITT by 11.7% in the 2nd quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock valued at $431,512,000 after buying an additional 351,206 shares in the last quarter. Millennium Management LLC boosted its stake in ITT by 200.4% in the 2nd quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock valued at $50,823,000 after buying an additional 262,470 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in ITT by 115.6% in the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock valued at $31,717,000 after buying an additional 131,708 shares in the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com upgraded ITT from a “hold” rating to a “buy” rating in a research report on Wednesday. Wolfe Research started coverage on ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating for the company. Stifel Nicolaus boosted their price objective on shares of ITT from $171.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. TD Cowen lifted their price target on shares of ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Citigroup raised their target price on shares of ITT from $176.00 to $183.00 and gave the company a “buy” rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, ITT has a consensus rating of “Moderate Buy” and a consensus target price of $166.75.

ITT Stock Performance

ITT stock opened at $144.30 on Thursday. The business has a 50 day moving average of $150.29 and a 200-day moving average of $141.44. The company has a quick ratio of 1.09, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. The firm has a market cap of $11.76 billion, a PE ratio of 24.62, a P/E/G ratio of 1.99 and a beta of 1.40. ITT Inc. has a 12-month low of $113.70 and a 12-month high of $161.13.

ITT (NYSE:ITT) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. The firm had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a net margin of 13.67% and a return on equity of 17.98%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $1.37 earnings per share. As a group, sell-side analysts expect that ITT Inc. will post 5.84 earnings per share for the current year.

ITT Dividend Announcement

The business 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. This represents a $1.28 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, November 29th. ITT’s payout ratio is currently 21.67%.

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.