Royal Bank of Canada Sells 18,387 Shares of ITT Inc. (NYSE:ITT)

Royal Bank of Canada reduced its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 15.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 100,309 shares of the conglomerate's stock after selling 18,387 shares during the period. Royal Bank of Canada owned about 0.12% of ITT worth $14,333,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the stock. Invesco Ltd. grew its position in shares of ITT by 12.2% during the 4th quarter. Invesco Ltd. now owns 1,560,381 shares of the conglomerate's stock valued at $222,947,000 after acquiring an additional 169,054 shares during the period. Alliancebernstein L.P. grew its holdings in ITT by 14.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,366,576 shares of the conglomerate's stock valued at $195,256,000 after purchasing an additional 169,944 shares during the period. Nuveen Asset Management LLC grew its holdings in ITT by 17.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate's stock valued at $162,784,000 after purchasing an additional 171,474 shares during the period. Norges Bank bought a new position in ITT during the fourth quarter valued at $134,433,000. Finally, T. Rowe Price Investment Management Inc. grew its holdings in ITT by 63.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 931,240 shares of the conglomerate's stock valued at $133,056,000 after purchasing an additional 360,123 shares during the period. Institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Bank of America increased their target price on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Citigroup cut their price objective on shares of ITT from $181.00 to $150.00 and set a "buy" rating for the company in a report on Monday, April 14th. KeyCorp raised their price objective on shares of ITT from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Finally, Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, ITT has an average rating of "Moderate Buy" and an average price target of $165.50.

ITT Price Performance

ITT stock traded down $0.52 during mid-day trading on Friday, hitting $150.52. 478,217 shares of the company traded hands, compared to its average volume of 451,643. ITT Inc. has a one year low of $105.64 and a one year high of $161.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 23.89, a price-to-earnings-growth ratio of 1.89 and a beta of 1.36. The stock has a fifty day moving average price of $136.46 and a 200-day moving average price of $142.81.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, beating the consensus estimate of $1.44 by $0.01. ITT had a net margin of 14.27% and a return on equity of 18.03%. The firm had revenue of $913.00 million during the quarter, compared to the consensus estimate of $901.22 million. During the same period in the prior year, the firm posted $1.42 earnings per share. The company's quarterly revenue was up .3% compared to the same quarter last year. On average, equities analysts predict that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be issued a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Monday, June 2nd. ITT's payout ratio is 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.