Swiss National Bank Sells 2,800 Shares of ITT Inc. (NYSE:ITT)

Key Points

• The Swiss National Bank reduced its holdings in ITT Inc. by 1.7%, owning 157,900 shares worth approximately $20.4 million.
• Several institutional investors increased their stakes in ITT during the 4th quarter, with T. Rowe Price boosting their stake by 63.1% to own 931,240 shares valued at $133 million.
• ITT recently reported quarterly earnings of $1.64 per share, beating analyst expectations, and announced a quarterly dividend of $0.351 per share to be paid on September 29.

Swiss National Bank cut its stake in ITT Inc. (NYSE:ITT - Free Report) by 1.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 157,900 shares of the conglomerate's stock after selling 2,800 shares during the period. Swiss National Bank owned approximately 0.20% of ITT worth $20,394,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP raised its stake in shares of ITT by 101.6% in the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock valued at $35,000 after buying an additional 125 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of ITT during the 4th quarter worth about $59,000. Versant Capital Management Inc increased its position in shares of ITT by 3,513.3% during the 1st quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after purchasing an additional 527 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of ITT by 13.1% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after purchasing an additional 87 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of ITT by 72.7% during the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock worth $103,000 after purchasing an additional 331 shares in the last quarter. 91.59% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITT. KeyCorp increased their target price on shares of ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. DA Davidson set a $190.00 target price on shares of ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. Citigroup reiterated a "buy" rating and set a $186.00 target price (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. Bank of America raised their price objective on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, May 21st. Finally, Stifel Nicolaus raised their price objective on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $179.22.

ITT Trading Down 1.3%

Shares of NYSE ITT traded down $2.18 during mid-day trading on Friday, hitting $165.30. The company's stock had a trading volume of 277,391 shares, compared to its average volume of 391,390. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of 25.99, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. ITT Inc. has a one year low of $105.64 and a one year high of $171.57. The company's fifty day simple moving average is $159.03 and its 200-day simple moving average is $146.22.

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

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.351 per share. 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 presently 22.01%.

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.