M&T Bank Corp Sells 836 Shares of ITT Inc. (NYSE:ITT)

M&T Bank Corp cut its holdings in ITT Inc. (NYSE:ITT) by 15.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,480 shares of the conglomerate’s stock after selling 836 shares during the quarter. M&T Bank Corp’s holdings in ITT were worth $579,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ITT. Select Equity Group L.P. boosted its holdings in shares of ITT by 7.7% in the 4th 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. raised its position in shares of ITT by 12.2% in the 4th 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 last quarter. Alliancebernstein L.P. raised its position in shares of ITT by 14.2% in the 4th 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 last quarter. Nuveen Asset Management LLC raised its position in shares of ITT by 17.7% in the 4th 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 last quarter. Finally, Norges Bank purchased a new position in shares of ITT in the 4th quarter valued at approximately $134,433,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Stock Down 1.3%

ITT stock opened at $155.96 on Wednesday. ITT Inc. has a 52-week low of $105.64 and a 52-week high of $161.79. The firm has a market capitalization of $12.27 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 2.01 and a beta of 1.35. The company has a fifty day simple moving average of $152.66 and a 200-day simple moving average of $143.44.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.01. ITT had a net margin of 14.19% and a return on equity of 17.75%. The firm had revenue of $913.00 million during the quarter, compared to analyst estimates of $901.22 million. During the same quarter in the prior year, the firm posted $1.42 earnings per share. ITT’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts anticipate that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Monday, June 2nd. ITT’s dividend payout ratio is currently 22.26%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Citigroup reissued a “buy” rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday. Wall Street Zen raised shares of ITT from a “hold” rating to a “buy” rating in a report on Wednesday, May 7th. KeyCorp lifted their target price on shares of ITT from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Bank of America lifted their price target on shares of ITT from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, May 21st. Finally, The Goldman Sachs Group lifted their price target on shares of ITT from $160.00 to $177.00 and gave the company a “buy” rating in a research note on Monday, May 19th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $170.00.

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.