Invesco Ltd. Sells 601,399 Shares of ITT Inc. (NYSE:ITT)

Invesco Ltd. cut its position in shares of ITT Inc. (NYSE:ITT - Free Report) by 38.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 958,982 shares of the conglomerate's stock after selling 601,399 shares during the period. Invesco Ltd. owned about 1.22% of ITT worth $123,862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its position in shares of ITT by 63.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 931,240 shares of the conglomerate's stock worth $133,056,000 after acquiring an additional 360,123 shares in the last quarter. Select Equity Group L.P. raised its position in shares of ITT by 7.7% in the 4th quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate's stock worth $652,237,000 after acquiring an additional 326,947 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ITT by 13,886.0% in the 1st quarter. GAMMA Investing LLC now owns 214,406 shares of the conglomerate's stock worth $27,693,000 after acquiring an additional 212,873 shares in the last quarter. Freestone Grove Partners LP bought a new position in shares of ITT in the 4th quarter worth $27,614,000. Finally, Northern Trust Corp raised its position in shares of ITT by 33.3% in the 4th quarter. Northern Trust Corp now owns 755,915 shares of the conglomerate's stock worth $108,005,000 after acquiring an additional 188,794 shares in the last quarter. 91.59% of the stock is owned by institutional investors.

Insider Activity at ITT

In other news, CEO Luca Savi sold 36,385 shares of the company's stock in a transaction dated 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 owned 297,536 shares in the company, valued at $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is owned by insiders.

ITT Stock Down 2.0%

ITT stock opened at $167.35 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The business's 50-day simple moving average is $158.77 and its two-hundred day simple moving average is $146.10. The company has a market cap of $13.05 billion, a PE ratio of 26.31, a PEG ratio of 2.10 and a beta of 1.38. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57.

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

ITT Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. DA Davidson set a $190.00 price target on ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. Stifel Nicolaus boosted their price target on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. KeyCorp boosted their price target on ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. 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 note on Wednesday, May 21st. Finally, Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.

Want to see what other hedge funds are holding ITT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ITT Inc. (NYSE:ITT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.