Thornburg Investment Management Inc. Has $11.05 Million Stock Position in ITT Inc. (NYSE:ITT)

Key Points

• Thornburg Investment Management Inc. reduced its stake in ITT Inc. by 7.2%, owning approximately $11.05 million in shares at the end of the first quarter.
• In the most recent quarter, ITT reported an earnings per share (EPS) of $1.45, surpassing analyst expectations of $1.44.
• Wall Street analysts have given ITT a "Moderate Buy" rating, with an average target price of $173.25, indicating strong growth prospects for the company.

Thornburg Investment Management Inc. lowered its position in ITT Inc. (NYSE:ITT - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,580 shares of the conglomerate's stock after selling 6,605 shares during the quarter. Thornburg Investment Management Inc. owned about 0.11% of ITT worth $11,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of ITT by 13.1% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock valued at $107,000 after purchasing an additional 87 shares during the period. Stephens Inc. AR lifted its stake in shares of ITT by 4.8% in the 1st quarter. Stephens Inc. AR now owns 1,970 shares of the conglomerate's stock worth $254,000 after acquiring an additional 90 shares during the period. Prudent Man Advisors LLC boosted its holdings in shares of ITT by 2.3% in the first quarter. Prudent Man Advisors LLC now owns 4,280 shares of the conglomerate's stock valued at $553,000 after acquiring an additional 98 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of ITT by 0.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 16,643 shares of the conglomerate's stock valued at $2,150,000 after acquiring an additional 100 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its holdings in ITT by 1.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 11,609 shares of the conglomerate's stock worth $1,499,000 after purchasing an additional 123 shares in the last quarter. Institutional investors own 91.59% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on ITT. Stifel Nicolaus boosted their price objective on ITT from $171.00 to $197.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. The Goldman Sachs Group lifted their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Citigroup restated a "buy" rating and set a $186.00 target price (up from $159.00) on shares of ITT in a report on Monday, July 14th. Bank of America upped their price target on ITT from $145.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, KeyCorp raised their price objective on ITT from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $173.25.

ITT Stock Down 1.1%

Shares of ITT stock traded down $1.79 during midday trading on Wednesday, hitting $159.48. The company's stock had a trading volume of 532,948 shares, compared to its average volume of 362,791. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $163.55. The firm has a market capitalization of $12.55 billion, a P/E ratio of 25.35, a PEG ratio of 2.03 and a beta of 1.35. The stock has a 50-day simple moving average of $155.01 and a 200-day simple moving average of $144.73.

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

ITT Dividend Announcement

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

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.