Pier 88 Investment Partners LLC Sells 21,380 Shares of ITT Inc. (NYSE:ITT)

Pier 88 Investment Partners LLC lessened its holdings in ITT Inc. (NYSE:ITT - Free Report) by 80.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,360 shares of the conglomerate's stock after selling 21,380 shares during the period. Pier 88 Investment Partners LLC's holdings in ITT were worth $692,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Merit Financial Group LLC acquired a new position in ITT in the first quarter worth about $273,000. Sequoia Financial Advisors LLC raised its position in ITT by 10.2% in the first quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock worth $3,853,000 after purchasing an additional 2,765 shares in the last quarter. Assenagon Asset Management S.A. raised its position in ITT by 19.9% in the first quarter. Assenagon Asset Management S.A. now owns 17,551 shares of the conglomerate's stock worth $2,267,000 after purchasing an additional 2,917 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of ITT by 22.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,049 shares of the conglomerate's stock worth $1,293,000 after buying an additional 1,659 shares in the last quarter. Finally, Southeast Asset Advisors LLC increased its holdings in shares of ITT by 14.3% during the fourth quarter. Southeast Asset Advisors LLC now owns 32,792 shares of the conglomerate's stock worth $4,685,000 after buying an additional 4,097 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

ITT Price Performance

ITT traded down $1.06 during mid-day trading on Thursday, hitting $158.93. The stock had a trading volume of 341,775 shares, compared to its average volume of 524,444. The stock's fifty day simple moving average is $153.92 and its 200-day simple moving average is $143.99. The firm has a market capitalization of $12.51 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 2.00 and a beta of 1.35. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $161.79.

ITT (NYSE:ITT - Get Free Report) last posted its earnings results on Thursday, May 1st. The conglomerate reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.01. ITT had a net margin of 14.19% and a return on equity of 17.75%. The company had revenue of $913.00 million for the quarter, compared to analyst estimates of $901.22 million. During the same period last year, the business posted $1.42 earnings per share. The business's revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $0.351 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.88%. ITT's payout ratio is 22.26%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ITT shares. Stifel Nicolaus raised their price objective on shares of ITT from $171.00 to $197.00 and gave the stock a "buy" rating in a report on Monday. Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Bank of America increased their price target 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. Citigroup reissued a "buy" rating and set a $186.00 price target (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Finally, KeyCorp increased their price target on shares of ITT from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $173.25.

About ITT

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.