California Public Employees Retirement System Reduces Stock Position in ITT Inc. (NYSE:ITT)

California Public Employees Retirement System lessened its stake in shares of ITT Inc. (NYSE:ITT) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,099 shares of the conglomerate’s stock after selling 3,487 shares during the quarter. California Public Employees Retirement System owned approximately 0.20% of ITT worth $15,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its position in ITT by 6.2% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 2,882 shares of the conglomerate’s stock worth $269,000 after purchasing an additional 167 shares in the last quarter. Greenleaf Trust purchased a new stake in ITT in the 1st quarter valued at about $202,000. Summit Trail Advisors LLC purchased a new stake in ITT in the 1st quarter valued at about $233,000. WealthPlan Investment Management LLC grew its holdings in ITT by 44.0% in the 2nd quarter. WealthPlan Investment Management LLC now owns 1,008 shares of the conglomerate’s stock valued at $526,000 after buying an additional 308 shares during the period. Finally, Farmers & Merchants Investments Inc. grew its holdings in ITT by 0.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 68,162 shares of the conglomerate’s stock valued at $6,353,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 90.73% of the company’s stock.

ITT Stock Performance

ITT stock opened at $108.07 on Monday. The stock’s 50 day moving average price is $98.49 and its 200 day moving average price is $94.18. The firm has a market capitalization of $8.87 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 1.64 and a beta of 1.41. ITT Inc. has a one year low of $75.82 and a one year high of $109.49.

ITT announced that its board has initiated a stock repurchase program on Wednesday, October 4th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the conglomerate to repurchase up to 12.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, November 30th. ITT’s dividend payout ratio (DPR) is presently 22.14%.

Insider Buying and Selling

In related news, Director Don Defosset sold 9,996 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $101.25, for a total transaction of $1,012,095.00. Following the transaction, the director now directly owns 20,694 shares of the company’s stock, valued at approximately $2,095,267.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ITT has been the subject of several recent analyst reports. Robert W. Baird lifted their price target on ITT from $101.00 to $107.00 and gave the company an “outperform” rating in a report on Friday, August 4th. TD Cowen lifted their price target on ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, August 29th. KeyCorp lifted their price objective on ITT from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. StockNews.com lowered ITT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 29th. Finally, Bank of America raised ITT from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $105.00 to $125.00 in a research note on Thursday. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, ITT presently has an average rating of “Buy” and a consensus target price of $111.29.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.