Nuveen LLC Acquires Shares of 1,210,949 ITT Inc. (NYSE:ITT)

Nuveen LLC acquired a new stake in shares of ITT Inc. (NYSE:ITT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,210,949 shares of the conglomerate’s stock, valued at approximately $156,406,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Select Equity Group L.P. lifted its holdings in ITT by 7.7% during the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate’s stock valued at $652,237,000 after purchasing an additional 326,947 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in ITT by 17.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate’s stock valued at $162,784,000 after purchasing an additional 171,474 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of ITT by 63.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 931,240 shares of the conglomerate’s stock valued at $133,056,000 after buying an additional 360,123 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of ITT by 1.3% in the fourth quarter. Janus Henderson Group PLC now owns 928,116 shares of the conglomerate’s stock valued at $132,611,000 after buying an additional 11,980 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of ITT by 33.3% in the fourth quarter. Northern Trust Corp now owns 755,915 shares of the conglomerate’s stock valued at $108,005,000 after buying an additional 188,794 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ITT

In related news, CEO Luca Savi sold 36,385 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value of $5,994,792.60. Following the sale, the chief executive officer directly owned 297,536 shares in the company, valued at $49,022,031.36. The trade was a 10.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.47% of the stock is owned by corporate insiders.

ITT Price Performance

Shares of NYSE ITT opened at $165.75 on Tuesday. The firm has a market capitalization of $12.93 billion, a P/E ratio of 26.06, a PEG ratio of 2.04 and a beta of 1.38. ITT Inc. has a one year low of $105.64 and a one year high of $170.16. The company’s fifty day moving average is $157.64 and its two-hundred day moving average is $145.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45.

ITT (NYSE:ITT) last issued its earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, topping the consensus estimate of $1.62 by $0.02. The company had revenue of $972.40 million for the quarter, compared to analyst estimates of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.49 EPS. Analysts forecast that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be given a $0.351 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. ITT’s payout ratio is currently 22.01%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ITT. Wall Street Zen upgraded shares of ITT from a “hold” rating to a “buy” rating in a research report on Wednesday, May 7th. Bank of America increased their target price on shares of ITT from $145.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, May 21st. Stifel Nicolaus increased their target price on shares of ITT from $197.00 to $202.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Citigroup reiterated a “buy” rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. Finally, KeyCorp raised their price objective on shares of ITT from $180.00 to $192.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, ITT has a consensus rating of “Moderate Buy” and an average target price of $179.22.

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.