ITT Inc. $ITT Stock: Pier 88 Investment Partners LLC Lowers Position

Pier 88 Investment Partners LLC lowered its stake in ITT Inc. (NYSE:ITT) by 21.9% during the third quarter, HoldingsChannel reports. The firm owned 17,100 shares of the conglomerate’s stock after selling 4,800 shares during the quarter. ITT comprises approximately 0.8% of Pier 88 Investment Partners LLC’s portfolio, making the stock its 27th biggest holding. Pier 88 Investment Partners LLC’s holdings in ITT were worth $3,451,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ITT. BlackRock Inc. purchased a new stake in shares of ITT during the second quarter worth approximately $1,715,593,000. Findlay Park Partners LLP purchased a new position in ITT in the 2nd quarter valued at $276,395,000. Bank of America Corp DE purchased a new position in ITT in the 2nd quarter valued at $173,436,000. Jupiter Topco LLC purchased a new position in ITT in the 2nd quarter valued at $127,872,000. Finally, Bank of New York Mellon Corp acquired a new position in ITT in the 2nd quarter valued at $119,853,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Key Stories Impacting ITT

Here are a few of the latest stories about ITT:

• Positive Sentiment: Zacks described ITT as a strong momentum stock, highlighting characteristics that may appeal to momentum-focused investors. Article: Here’s Why ITT (ITT) is a Strong Momentum Stock
• Positive Sentiment: A separate Zacks article said ITT has solid growth attributes that could help it outperform, offering a favorable view of its growth profile. Article: 3 Reasons Why Growth Investors Shouldn’t Overlook ITT (ITT)
• Negative Sentiment: Chief Accounting Officer Graziano De sold 500 shares for about $107,000, reducing her position by 6.98%. She retained 6,659 shares, so the transaction was limited in size but may draw some attention as an insider sale. SEC insider transaction filing

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. DA Davidson upped their price objective on shares of ITT from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Wolfe Research started coverage on shares of ITT in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $272.00 target price for the company. BMO Capital Markets reaffirmed an “outperform” rating and issued a $273.00 target price on shares of ITT in a report on Friday, August 7th. KeyCorp boosted their price target on shares of ITT from $250.00 to $263.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Stifel Nicolaus increased their price target on shares of ITT from $256.00 to $259.00 and gave the stock a “buy” rating in a report on Monday. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, ITT has an average rating of “Moderate Buy” and a consensus target price of $258.78.

Insider Transactions at ITT

In related news, CEO Luca Savi bought 5,019 shares of the company’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $199.56 per share, with a total value of $1,001,591.64. Following the completion of the acquisition, the chief executive officer owned 267,373 shares in the company, valued at approximately $53,356,955.88. This represents a 1.91% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Graziano De sold 500 shares of ITT stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $214.01, for a total transaction of $107,005.00. Following the sale, the chief accounting officer owned 6,659 shares of the company’s stock, valued at approximately $1,425,092.59. The trade was a 6.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.88% of the company’s stock.

ITT Stock Performance

NYSE:ITT opened at $214.50 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.29 and a debt-to-equity ratio of 0.59. ITT Inc. has a fifty-two week low of $166.96 and a fifty-two week high of $230.32. The stock has a market cap of $19.13 billion, a PE ratio of 44.14, a price-to-earnings-growth ratio of 1.52 and a beta of 1.25. The firm’s fifty day simple moving average is $202.44 and its 200-day simple moving average is $199.98.

ITT (NYSE:ITT) last announced its quarterly earnings results on Wednesday, November 4th. The conglomerate reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.18. ITT had a net margin of 8.07% and a return on equity of 15.47%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm posted $1.78 EPS. The business’s revenue was up 44.2% compared to the same quarter last year. Analysts expect that ITT Inc. will post 8.60 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 4th will be given a dividend of $0.3860 per share. This represents a $1.54 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, December 4th. ITT’s dividend payout ratio is presently 31.69%.

About ITT

ITT Inc. is a global manufacturer of engineered components and technology serving industrial, transportation, aerospace and defense, and energy markets. Its products include pumps and valves, brake pads and shock absorbers, and specialized connectors and control components. The company operates through three main businesses: Motion Technologies, Industrial Process, and Connect & Control Technologies. These businesses provide products and services used in applications ranging from automotive braking systems and industrial fluid handling to aerospace equipment and energy infrastructure.