Asset Management One Co. Ltd. Takes $135,000 Position in ITT Inc. (NYSE:ITT)

Asset Management One Co. Ltd. acquired a new stake in ITT Inc. (NYSE:ITT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,043 shares of the conglomerate’s stock, valued at approximately $135,000.

A number of other institutional investors have also modified their holdings of the company. Select Equity Group L.P. grew its stake in shares of ITT by 7.7% in the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate’s stock valued at $652,237,000 after buying an additional 326,947 shares in the last quarter. Invesco Ltd. boosted its holdings in ITT by 12.2% in the fourth quarter. Invesco Ltd. now owns 1,560,381 shares of the conglomerate’s stock valued at $222,947,000 after purchasing an additional 169,054 shares during the period. Alliancebernstein L.P. boosted its holdings in ITT by 14.2% in the fourth quarter. Alliancebernstein L.P. now owns 1,366,576 shares of the conglomerate’s stock valued at $195,256,000 after purchasing an additional 169,944 shares during the period. Nuveen Asset Management LLC boosted its holdings in ITT by 17.7% in the fourth quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate’s stock valued at $162,784,000 after purchasing an additional 171,474 shares during the period. Finally, Norges Bank purchased a new position in ITT in the fourth quarter valued at $134,433,000. 91.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ITT has been the subject of a number of recent research reports. Wall Street Zen upgraded ITT from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. The Goldman Sachs Group lifted their target price on ITT from $160.00 to $177.00 and gave the company a “buy” rating in a report on Monday, May 19th. Citigroup decreased their target price on ITT from $181.00 to $150.00 and set a “buy” rating for the company in a report on Monday, April 14th. KeyCorp lifted their target price on ITT from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Bank of America lifted their target price on ITT from $145.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $165.50.

ITT Stock Performance

NYSE:ITT opened at $156.93 on Tuesday. The stock has a 50-day simple moving average of $148.00 and a 200-day simple moving average of $142.36. The stock has a market cap of $12.35 billion, a P/E ratio of 24.95, a P/E/G ratio of 2.06 and a beta of 1.35. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $161.13.

ITT (NYSE:ITT) last released its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.01. The business had revenue of $913.00 million during the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $1.42 EPS. On average, equities research analysts predict that ITT Inc. will post 6.51 EPS for the current year.

ITT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a $0.351 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. ITT’s dividend payout ratio (DPR) 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.