Mirae Asset Global Investments Co. Ltd. Sells 9,596 Shares of ITT Inc. (NYSE:ITT)

Mirae Asset Global Investments Co. Ltd. decreased its position in ITT Inc. (NYSE:ITT) by 8.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,962 shares of the conglomerate’s stock after selling 9,596 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.12% of ITT worth $12,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Select Equity Group L.P. bought a new stake in shares of ITT in the 4th quarter worth approximately $106,328,000. Norges Bank bought a new position in shares of ITT during the fourth quarter valued at about $64,598,000. Renaissance Technologies LLC purchased a new position in shares of ITT in the first quarter worth about $35,055,000. Point72 Asset Management L.P. bought a new stake in shares of ITT in the 4th quarter valued at about $29,172,000. Finally, Goldman Sachs Group Inc. boosted its holdings in ITT by 58.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock valued at $68,741,000 after acquiring an additional 336,860 shares during the period. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Trading Up 0.9 %

Shares of ITT stock opened at $130.86 on Friday. ITT Inc. has a 12-month low of $75.82 and a 12-month high of $138.29. The company has a market cap of $10.76 billion, a P/E ratio of 26.38, a PEG ratio of 1.82 and a beta of 1.43. The company’s fifty day simple moving average is $128.01 and its two-hundred day simple moving average is $115.17.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.34. ITT had a net margin of 12.50% and a return on equity of 17.91%. The company had revenue of $829.10 million for the quarter, compared to analysts’ expectations of $814.38 million. During the same quarter in the previous year, the company earned $1.29 earnings per share. ITT’s quarterly revenue was up 7.0% on a year-over-year basis. Analysts predict that ITT Inc. will post 5.79 EPS for the current fiscal year.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were given a $0.319 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.28 annualized dividend and a dividend yield of 0.98%. This is a positive change from ITT’s previous quarterly dividend of $0.29. ITT’s dividend payout ratio is currently 25.60%.

Analysts Set New Price Targets

ITT has been the topic of a number of analyst reports. Citigroup lifted their price target on ITT from $139.00 to $157.00 and gave the stock a “buy” rating in a research note on Monday. Stifel Nicolaus upped their price target on shares of ITT from $122.00 to $131.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. DA Davidson raised their price target on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Finally, KeyCorp increased their target price on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $132.86.

ITT Company 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.