ITT Inc. (NYSE:ITT) Shares Sold by LGT Group Foundation

Key Points

• LGT Group Foundation reduced its stake in ITT Inc. by 41.8% in the 1st quarter, selling 7,068 shares and now holds 9,842 shares valued at approximately $1.27 million.
• ITT's quarterly earnings exceeded estimates with an EPS of $1.64, surpassing the consensus estimate of $1.62, and revenue grew by 7.3% year-over-year to $972.4 million.
• The company declared a quarterly dividend of $0.351 per share, reflecting a dividend yield of 0.8% and a payout ratio of 22.01%.

LGT Group Foundation lessened its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 41.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,842 shares of the conglomerate's stock after selling 7,068 shares during the quarter. LGT Group Foundation's holdings in ITT were worth $1,271,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ITT. Bank of Montreal Can raised its position in ITT by 2.0% in the 4th quarter. Bank of Montreal Can now owns 20,553 shares of the conglomerate's stock valued at $2,937,000 after purchasing an additional 404 shares during the last quarter. Bessemer Group Inc. raised its position in ITT by 6.2% in the 4th quarter. Bessemer Group Inc. now owns 8,937 shares of the conglomerate's stock valued at $1,277,000 after purchasing an additional 521 shares during the last quarter. Treasurer of the State of North Carolina raised its position in ITT by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 36,231 shares of the conglomerate's stock valued at $5,177,000 after purchasing an additional 230 shares during the last quarter. Sterling Capital Management LLC raised its position in ITT by 55.4% in the 4th quarter. Sterling Capital Management LLC now owns 4,883 shares of the conglomerate's stock valued at $698,000 after purchasing an additional 1,741 shares during the last quarter. Finally, Synovus Financial Corp raised its position in ITT by 1.4% in the 4th quarter. Synovus Financial Corp now owns 10,140 shares of the conglomerate's stock valued at $1,449,000 after purchasing an additional 137 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Trading Down 1.3%

Shares of ITT stock traded down $2.18 during trading hours on Friday, hitting $165.30. 277,391 shares of the company were exchanged, compared to its average volume of 391,390. The firm has a market cap of $12.89 billion, a PE ratio of 25.99, a PEG ratio of 2.06 and a beta of 1.38. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $171.57. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $159.03 and a 200 day moving average of $146.23.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, beating 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 analyst estimates of $947.48 million. During the same quarter last year, the firm posted $1.49 earnings per share. ITT's revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts expect that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

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

Insider Transactions 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 completion of the sale, the chief executive officer owned 297,536 shares of the company's stock, valued at $49,022,031.36. This trade represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ITT. KeyCorp increased their price objective on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Bank of America increased their price objective on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. DA Davidson set a $190.00 price objective on shares of ITT and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, Citigroup reissued a "buy" rating and issued a $186.00 price objective (up from $159.00) on shares of ITT in a research note on Monday, July 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.