Principal Financial Group Inc. Reduces Stock Holdings in ITT Inc. (NYSE:ITT)

Principal Financial Group Inc. cut its stake in shares of ITT Inc. (NYSE:ITT) by 30.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 189,251 shares of the conglomerate’s stock after selling 84,821 shares during the period. Principal Financial Group Inc.’s holdings in ITT were worth $28,295,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James & Associates lifted its position in shares of ITT by 1.6% during the second quarter. Raymond James & Associates now owns 67,473 shares of the conglomerate’s stock worth $8,716,000 after purchasing an additional 1,036 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ITT by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock worth $106,961,000 after buying an additional 3,370 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in ITT by 6.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 65,078 shares of the conglomerate’s stock worth $8,407,000 after buying an additional 3,699 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ITT by 12.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,502 shares of the conglomerate’s stock valued at $2,519,000 after buying an additional 2,229 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of ITT by 15.0% during the second quarter. Commonwealth Equity Services LLC now owns 32,778 shares of the conglomerate’s stock valued at $4,234,000 after acquiring an additional 4,269 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Stock Up 1.0 %

Shares of ITT stock opened at $144.30 on Wednesday. ITT Inc. has a twelve month low of $113.70 and a twelve month high of $161.13. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 1.99 and a beta of 1.40. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. The business’s 50 day simple moving average is $150.41 and its 200-day simple moving average is $141.42.

ITT (NYSE:ITT) last posted its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. The company had revenue of $885.20 million for 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%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the business posted $1.37 earnings per share. Equities research analysts forecast that ITT Inc. will post 5.84 earnings per share for the current year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. ITT’s payout ratio is currently 21.67%.

Analysts Set New Price Targets

A number of research analysts recently commented on ITT shares. Robert W. Baird reduced their price target on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. StockNews.com raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Wednesday. KeyCorp upped their price target on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Stifel Nicolaus raised their price objective on shares of ITT from $171.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Finally, Wolfe Research assumed coverage on shares of ITT in a research note on Wednesday, December 11th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $166.75.

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.