Boston Partners Trims Stake in ITT Inc. (NYSE:ITT)

Key Points

• Boston Partners has reduced its stake in ITT Inc. by 25.1%, now owning approximately 696,178 shares worth $89.92 million.
• Several institutional investors have increased their positions in ITT, with 91.59% of the stock currently owned by such entities.
• ITT Inc. recently reported $1.64 EPS for the quarter, exceeding estimates and marking a 7.3% revenue increase from the previous year.

Boston Partners lowered its holdings in ITT Inc. (NYSE:ITT - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 696,178 shares of the conglomerate's stock after selling 233,891 shares during the period. Boston Partners owned approximately 0.88% of ITT worth $89,919,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Merit Financial Group LLC purchased a new stake in ITT in the first quarter valued at approximately $273,000. Sequoia Financial Advisors LLC increased its holdings in shares of ITT by 10.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock worth $3,853,000 after buying an additional 2,765 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of ITT during the 1st quarter valued at $609,000. XTX Topco Ltd bought a new stake in shares of ITT during the 1st quarter worth $1,214,000. Finally, Liberty Wealth Management LLC purchased a new position in ITT in the first quarter worth $4,555,000. Institutional investors own 91.59% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ITT shares. Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. The Goldman Sachs Group raised their price objective on ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. Bank of America boosted their target price on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. DA Davidson set a $190.00 price target on shares of ITT and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Citigroup restated a "buy" rating and issued a $186.00 price objective (up from $159.00) on shares of ITT in a report on Monday, July 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $179.22.

Insider Activity

In other news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction that occurred on Thursday, August 7th. The stock was 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 approximately $49,022,031.36. This trade represents a 10.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is owned by insiders.

ITT Trading Down 1.3%

ITT stock traded down $2.18 during trading hours on Friday, reaching $165.30. The company had a trading volume of 277,391 shares, compared to its average volume of 391,390. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. ITT Inc. has a 12-month low of $105.64 and a 12-month high of $171.57. The company has a 50-day moving average price of $159.03 and a 200 day moving average price of $146.22. The firm has a market cap of $12.89 billion, a price-to-earnings ratio of 25.99, a P/E/G ratio of 2.04 and a beta of 1.38.

ITT (NYSE:ITT - Get Free Report) last issued its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.02. ITT had a net margin of 13.99% and a return on equity of 18.08%. The firm had revenue of $972.40 million for the quarter, compared to analysts' expectations of $947.48 million. During the same quarter last year, the business earned $1.49 earnings per share. The business's revenue was up 7.3% on a year-over-year basis. Equities analysts forecast that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be paid a $0.351 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. ITT's dividend payout ratio (DPR) is presently 22.01%.

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.