ITT Inc. (NYSE:ITT) Shares Sold by Covea Finance

Covea Finance cut its position in ITT Inc. (NYSE:ITT) by 90.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,000 shares of the conglomerate’s stock after selling 199,900 shares during the quarter. Covea Finance’s holdings in ITT were worth $2,583,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of ITT by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 517,307 shares of the conglomerate’s stock valued at $73,913,000 after buying an additional 3,424 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of ITT in the first quarter valued at $273,000. Venturi Wealth Management LLC boosted its holdings in ITT by 880.0% in the fourth quarter. Venturi Wealth Management LLC now owns 2,156 shares of the conglomerate’s stock valued at $308,000 after purchasing an additional 1,936 shares during the period. AlphaQuest LLC boosted its holdings in ITT by 422.7% in the fourth quarter. AlphaQuest LLC now owns 4,208 shares of the conglomerate’s stock valued at $601,000 after purchasing an additional 3,403 shares during the period. Finally, ING Groep NV purchased a new position in ITT in the fourth quarter valued at $1,214,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ITT has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their target price on ITT from $160.00 to $177.00 and gave the company a “buy” rating in a report on Monday, May 19th. KeyCorp lifted their target price on ITT from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Stifel Nicolaus lifted their target price on ITT from $161.00 to $171.00 and gave the company a “buy” rating in a report on Friday, May 16th. Citigroup decreased their target price on ITT from $181.00 to $150.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Bank of America lifted their target price on ITT from $145.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $165.50.

ITT Price Performance

Shares of NYSE ITT opened at $150.83 on Friday. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 23.98, a price-to-earnings-growth ratio of 1.97 and a beta of 1.35. The business has a 50-day moving average of $144.51 and a two-hundred day moving average of $142.45. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $161.13.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, May 1st. The conglomerate reported $1.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.01. The company had revenue of $913.00 million during the quarter, compared to the consensus estimate of $901.22 million. ITT had a return on equity of 17.75% and a net margin of 14.19%. ITT’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 EPS. As a group, equities research analysts expect that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be given a $0.351 dividend. The ex-dividend date is Monday, June 2nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.93%. ITT’s dividend payout ratio (DPR) is presently 22.26%.

About ITT

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.