Envestnet Asset Management Inc. Reduces Stock Position in ITT Inc. (NYSE:ITT)

Envestnet Asset Management Inc. cut its stake in ITT Inc. (NYSE:ITT) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,199 shares of the conglomerate’s stock after selling 16,452 shares during the period. Envestnet Asset Management Inc. owned 0.11% of ITT worth $11,908,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ITT. Quarry LP increased its position in shares of ITT by 101.6% during the fourth quarter. Quarry LP now owns 248 shares of the conglomerate’s stock valued at $35,000 after acquiring an additional 125 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of ITT during the fourth quarter valued at approximately $59,000. Versant Capital Management Inc increased its position in shares of ITT by 3,513.3% during the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate’s stock valued at $70,000 after acquiring an additional 527 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of ITT by 72.7% during the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate’s stock valued at $103,000 after acquiring an additional 331 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in shares of ITT by 13.1% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate’s stock valued at $107,000 after acquiring an additional 87 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ITT shares. Wall Street Zen upgraded shares of ITT from a “hold” rating to a “buy” rating in a research note on Wednesday, May 7th. Bank of America lifted their target price 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. Stifel Nicolaus lifted their target price on shares of ITT from $161.00 to $171.00 and gave the company a “buy” rating in a research note on Friday, May 16th. The Goldman Sachs Group lifted their target price 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. Finally, Citigroup restated a “buy” rating and set a $186.00 target price (up previously from $159.00) on shares of ITT in a research note on Monday, July 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.00.

ITT Price Performance

Shares of ITT opened at $159.12 on Friday. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $161.79. The stock has a market cap of $12.52 billion, a PE ratio of 25.30, a P/E/G ratio of 2.02 and a beta of 1.35. The firm has a 50-day simple moving average of $153.62 and a two-hundred day simple moving average of $143.78.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, May 1st. The conglomerate reported $1.45 earnings per share 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 the consensus estimate of $901.22 million. ITT had a net margin of 14.19% and a return on equity of 17.75%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 EPS. As a group, sell-side analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.351 per share. 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 0.88%. 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.