ITT Inc. (NYSE:ITT) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in shares of ITT Inc. (NYSE:ITT) by 7.8% during the fourth quarter, Holdings Channel reports. The firm owned 47,003 shares of the conglomerate’s stock after selling 4,000 shares during the quarter. New York State Common Retirement Fund’s holdings in ITT were worth $6,716,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ITT. Eagle Asset Management Inc. purchased a new position in ITT in the 3rd quarter worth about $67,503,000. Erste Asset Management GmbH purchased a new position in shares of ITT in the third quarter worth approximately $7,075,000. Polar Asset Management Partners Inc. increased its position in shares of ITT by 68.9% in the third quarter. Polar Asset Management Partners Inc. now owns 111,000 shares of the conglomerate’s stock worth $16,596,000 after acquiring an additional 45,300 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of ITT by 15.4% during the third quarter. Victory Capital Management Inc. now owns 306,516 shares of the conglomerate’s stock valued at $45,827,000 after acquiring an additional 40,860 shares during the period. Finally, Regents Gate Capital LLP purchased a new stake in shares of ITT in the 4th quarter valued at approximately $4,323,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ITT shares. KeyCorp lifted their price objective on shares of ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Robert W. Baird dropped their price target on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. StockNews.com upgraded ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Citigroup lowered their target price on ITT from $183.00 to $181.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Finally, TD Cowen increased their price target on shares of ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ITT currently has an average rating of “Moderate Buy” and an average target price of $168.38.

ITT Stock Up 1.1 %

Shares of ITT stock opened at $142.54 on Thursday. The stock has a 50-day simple moving average of $145.96 and a 200-day simple moving average of $145.81. ITT Inc. has a 52-week low of $121.01 and a 52-week high of $161.13. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 22.62, a P/E/G ratio of 1.89 and a beta of 1.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 0.96.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a return on equity of 18.03% and a net margin of 14.27%. On average, equities research analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be issued a $0.351 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 0.99%. ITT’s dividend payout ratio is 22.22%.

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.