Vanguard Group Inc. Sells 74,341 Shares of ITT Inc. (NYSE:ITT)

Key Points

• Vanguard Group Inc. has reduced its stake in ITT Inc. by 0.9%, owning approximately 10.52% of the company, worth over $1 billion, after selling 74,341 shares during the first quarter.
• ITT reported better-than-expected earnings for the latest quarter, with an EPS of $1.64, surpassing analyst estimates of $1.62, and revenue of $972.40 million, up 7.3% year-over-year.
• The company has announced a quarterly dividend of $0.351 per share, set to be paid on September 29th, with a dividend yield of 0.8% and a payout ratio of 22.01%.

Vanguard Group Inc. trimmed its stake in ITT Inc. (NYSE:ITT - Free Report) by 0.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,278,044 shares of the conglomerate's stock after selling 74,341 shares during the quarter. Vanguard Group Inc. owned about 10.52% of ITT worth $1,069,192,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in ITT by 4.3% during the 4th quarter. Wells Fargo & Company MN now owns 135,284 shares of the conglomerate's stock valued at $19,330,000 after purchasing an additional 5,605 shares during the last quarter. Bank of Montreal Can boosted its holdings in ITT by 2.0% during the fourth quarter. Bank of Montreal Can now owns 20,553 shares of the conglomerate's stock worth $2,937,000 after purchasing an additional 404 shares during the last quarter. Bessemer Group Inc. boosted its holdings in ITT by 6.2% during the fourth quarter. Bessemer Group Inc. now owns 8,937 shares of the conglomerate's stock worth $1,277,000 after purchasing an additional 521 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in ITT by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 36,231 shares of the conglomerate's stock worth $5,177,000 after purchasing an additional 230 shares during the last quarter. Finally, Kennedy Capital Management LLC purchased a new position in ITT during the fourth quarter worth about $2,619,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at ITT

In other ITT news, CEO Luca Savi sold 36,385 shares of the stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.47% of the stock is owned by insiders.

ITT Price Performance

Shares of NYSE:ITT traded down $1.78 during trading on Friday, reaching $165.70. The company had a trading volume of 116,071 shares, compared to its average volume of 510,533. The company has a fifty day moving average of $158.77 and a two-hundred day moving average of $146.10. The stock has a market capitalization of $12.92 billion, a P/E ratio of 26.05, a price-to-earnings-growth ratio of 2.10 and a beta of 1.38. ITT Inc. has a 12 month low of $105.64 and a 12 month high of $171.57. The company has a current ratio of 1.45, a quick ratio of 0.99 and a debt-to-equity ratio of 0.24.

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, topping the consensus estimate of $1.62 by $0.02. The business had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.49 earnings per share. Equities research analysts forecast that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Dividend Announcement

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

Analysts Set New Price Targets

ITT has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. KeyCorp lifted their price target on shares of ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Bank of America lifted their price target on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. Citigroup reaffirmed a "buy" rating and issued a $186.00 price target (up previously from $159.00) on shares of ITT in a report on Monday, July 14th. Finally, Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, ITT has an average 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.