State of New Jersey Common Pension Fund D Trims Stock Position in ITT Inc. (NYSE:ITT)

State of New Jersey Common Pension Fund D lowered its holdings in shares of ITT Inc. (NYSE:ITT) by 11.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,038 shares of the conglomerate’s stock after selling 4,783 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in ITT were worth $4,300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bfsg LLC purchased a new stake in shares of ITT during the 4th quarter valued at about $73,000. GAMMA Investing LLC purchased a new stake in shares of ITT during the 4th quarter valued at about $94,000. Signaturefd LLC increased its position in shares of ITT by 8.2% during the 4th quarter. Signaturefd LLC now owns 1,150 shares of the conglomerate’s stock valued at $137,000 after purchasing an additional 87 shares during the last quarter. AIA Group Ltd increased its position in shares of ITT by 104.4% during the 4th quarter. AIA Group Ltd now owns 19,411 shares of the conglomerate’s stock valued at $2,316,000 after purchasing an additional 9,914 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ITT by 3.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,772 shares of the conglomerate’s stock valued at $2,836,000 after purchasing an additional 822 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Price Performance

ITT stock opened at $131.10 on Friday. ITT Inc. has a 1-year low of $75.82 and a 1-year high of $138.29. The company has a market capitalization of $10.78 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 1.78 and a beta of 1.43. The business has a 50 day simple moving average of $128.97 and a two-hundred day simple moving average of $117.52.

ITT (NYSE:ITT) last posted its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, hitting the consensus estimate of $1.34. ITT had a return on equity of 17.91% and a net margin of 12.50%. The business had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. During the same period in the prior year, the company posted $1.29 EPS. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. Sell-side analysts anticipate that ITT Inc. will post 5.8 EPS for the current fiscal year.

ITT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 8th were paid a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.97%. This is an increase from ITT’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, March 7th. ITT’s dividend payout ratio is presently 25.81%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ITT shares. Citigroup upped their price target on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. StockNews.com lowered shares of ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 6th. KeyCorp increased their target price on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Stifel Nicolaus increased their target price on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, DA Davidson increased their target price on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $135.57.

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.