JPMorgan Chase & Co. Sells 278,243 Shares of ITT Inc. (NYSE:ITT)

Key Points

• JPMorgan Chase & Co. sold 278,243 shares of ITT Inc., reducing its holdings by 4.9%, now owning approximately 5.36 million shares valued at about $692.57 million.
• Several institutional investors have increased their positions in ITT, with notable increases including Quarry LP’s stake growing by 101.6% and Versant Capital Management Inc. increasing by 3,513.3%.
• Analysts are optimistic about ITT's growth, with the company's stock receiving multiple "buy" ratings and a consensus target price of $179.22.

JPMorgan Chase & Co. reduced its holdings in ITT Inc. (NYSE:ITT - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,362,071 shares of the conglomerate's stock after selling 278,243 shares during the quarter. JPMorgan Chase & Co. owned about 6.81% of ITT worth $692,565,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Quarry LP grew its position in shares of ITT by 101.6% in the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after buying an additional 125 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of ITT in the 4th quarter worth approximately $59,000. Versant Capital Management Inc grew its position in shares of ITT by 3,513.3% in the 1st quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after buying an additional 527 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its position in shares of ITT by 13.1% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after buying an additional 87 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of ITT by 72.7% in the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock worth $103,000 after buying an additional 331 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ITT has been the topic of a number of recent analyst reports. DA Davidson lifted their price objective on ITT from $170.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Bank of America raised their target price on ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Citigroup restated a "buy" rating and issued a $186.00 target price (up previously from $159.00) on shares of ITT in a research note on Monday, July 14th. Finally, The Goldman Sachs Group raised their target price on ITT from $160.00 to $177.00 and gave the company a "buy" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $179.22.

ITT Stock Up 0.5%

Shares of NYSE:ITT opened at $165.76 on Monday. The stock has a fifty day simple moving average of $157.31 and a two-hundred day simple moving average of $145.51. The stock has a market capitalization of $12.93 billion, a price-to-earnings ratio of 26.06, a PEG ratio of 2.04 and a beta of 1.38. ITT Inc. has a 12-month low of $105.64 and a 12-month high of $170.16. 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 announced its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.02. The business had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%. The firm'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 earnings per share. On average, research analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. ITT's dividend payout ratio is presently 22.01%.

ITT Company 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.