New Age Alpha Advisors LLC Trims Holdings in ITT Inc. (NYSE:ITT)

Key Points

• New Age Alpha Advisors LLC has reduced its stake in ITT Inc. by 34.7%, selling 6,226 shares and now holding a total of 11,728 shares valued at approximately $1.5 million.
• Multiple institutional investors have increased their stakes in ITT, with T. Rowe Price Investment Management Inc. notably increasing its ownership by 63.1% in the last quarter.
• Wall Street analysts have shown optimism towards ITT, with the majority rating it as a "buy" and raising price targets, indicating strong growth potential for the stock.

New Age Alpha Advisors LLC cut its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 34.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,728 shares of the conglomerate's stock after selling 6,226 shares during the quarter. New Age Alpha Advisors LLC's holdings in ITT were worth $1,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Liberty Wealth Management LLC bought a new position in shares of ITT during the first quarter valued at $4,555,000. Commerce Bank raised its position in ITT by 1.4% in the 1st quarter. Commerce Bank now owns 11,495 shares of the conglomerate's stock worth $1,485,000 after buying an additional 158 shares during the last quarter. US Bancorp DE raised its position in ITT by 1.8% in the 1st quarter. US Bancorp DE now owns 15,931 shares of the conglomerate's stock worth $2,058,000 after buying an additional 282 shares during the last quarter. Vestcor Inc raised its position in ITT by 22.2% in the 1st quarter. Vestcor Inc now owns 5,772 shares of the conglomerate's stock worth $746,000 after buying an additional 1,049 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in ITT in the 1st quarter worth about $1,214,000. 91.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ITT. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Bank of America raised 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. KeyCorp raised their target price on ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. DA Davidson raised their target price on ITT from $170.00 to $190.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Finally, Citigroup reissued a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $179.22.

ITT Stock Up 0.5%

NYSE:ITT traded up $0.75 during mid-day trading on Friday, hitting $165.76. 295,942 shares of the company's stock traded hands, compared to its average volume of 397,199. The company has a fifty day moving average of $157.31 and a 200 day moving average of $145.56. 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 company has a market capitalization of $12.93 billion, a P/E ratio of 26.06, a P/E/G ratio of 2.04 and a beta of 1.38. ITT Inc. has a twelve month low of $105.64 and a twelve month high of $170.16.

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

ITT Dividend Announcement

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