Massachusetts Financial Services Co. MA Lowers Stock Position in ITT Inc. (NYSE:ITT)

Massachusetts Financial Services Co. MA cut its stake in shares of ITT Inc. (NYSE:ITT) by 0.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,323,340 shares of the conglomerate’s stock after selling 2,021 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.62% of ITT worth $197,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in ITT. Select Equity Group L.P. lifted its holdings in shares of ITT by 11.7% during the 2nd quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock worth $431,512,000 after acquiring an additional 351,206 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ITT by 5.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 954,809 shares of the conglomerate’s stock worth $123,338,000 after purchasing an additional 50,329 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of ITT by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 828,000 shares of the conglomerate’s stock valued at $106,961,000 after purchasing an additional 3,370 shares during the last quarter. Millennium Management LLC raised its holdings in shares of ITT by 200.4% during the 2nd quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock valued at $50,823,000 after buying an additional 262,470 shares in the last quarter. Finally, Mawer Investment Management Ltd. purchased a new position in shares of ITT during the 2nd quarter valued at about $49,043,000. Institutional investors own 91.59% of the company’s stock.

ITT Stock Up 1.9 %

Shares of NYSE:ITT opened at $158.48 on Friday. The stock’s 50-day moving average is $148.28 and its 200 day moving average is $138.68. The company has a market cap of $12.92 billion, a PE ratio of 27.04, a P/E/G ratio of 1.98 and a beta of 1.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. ITT Inc. has a 1 year low of $107.01 and a 1 year high of $158.56.

ITT (NYSE:ITT) last posted its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The firm had revenue of $885.20 million for the quarter, compared to analysts’ expectations of $884.50 million. During the same period in the previous year, the firm earned $1.37 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year. Sell-side analysts anticipate that ITT Inc. will post 5.84 EPS for the current year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a $0.319 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.81%. ITT’s dividend payout ratio (DPR) is presently 21.67%.

Analysts Set New Price Targets

A number of research analysts have commented on ITT shares. The Goldman Sachs Group increased their price target on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. KeyCorp increased their target price on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, October 14th. TD Cowen boosted their price target on shares of ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Stifel Nicolaus upped their price target on shares of ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird decreased their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $161.88.

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.