Pier 88 Investment Partners LLC Trims Stake in ITT Inc. (NYSE:ITT)

Pier 88 Investment Partners LLC lowered its holdings in shares of ITT Inc. (NYSE:ITT - Free Report) by 80.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

Several other hedge funds have also bought and sold shares of ITT. Quarry LP raised its holdings in ITT by 101.6% in the fourth 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 purchased a new position in ITT in the fourth quarter worth about $59,000. Versant Capital Management Inc raised its holdings in ITT by 3,513.3% in the first 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. Farther Finance Advisors LLC raised its holdings in ITT by 72.7% in the first 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. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in ITT by 13.1% in the fourth 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. Institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on ITT. Citigroup reaffirmed a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a report on Monday, July 14th. Stifel Nicolaus boosted their price objective on shares of ITT from $171.00 to $197.00 and gave the company a "buy" rating in a report on Monday. Bank of America boosted their price objective on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. The Goldman Sachs Group boosted their price objective on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. Finally, Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $173.25.

ITT Trading Up 1.4%

NYSE ITT traded up $2.16 during trading hours on Tuesday, hitting $158.73. 267,088 shares of the company's stock traded hands, compared to its average volume of 455,653. The business's fifty day moving average price is $153.62 and its two-hundred day moving average price is $143.79. The firm has a market capitalization of $12.49 billion, a P/E ratio of 25.24, a P/E/G ratio of 1.99 and a beta of 1.35. ITT Inc. has a 52 week low of $105.64 and a 52 week high of $161.79.

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

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $0.351 dividend. 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 currently 22.26%.

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.