Eastern Bank Sells 500 Shares of ITT Inc. (NYSE:ITT)

Eastern Bank lowered its stake in shares of ITT Inc. (NYSE:ITT) by 71.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 200 shares of the conglomerate’s stock after selling 500 shares during the period. Eastern Bank’s holdings in ITT were worth $26,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vestcor Inc raised its stake in shares of ITT by 22.2% in the first quarter. Vestcor Inc now owns 5,772 shares of the conglomerate’s stock valued at $746,000 after purchasing an additional 1,049 shares in the last quarter. XTX Topco Ltd bought a new stake in ITT in the 1st quarter valued at $1,214,000. GSA Capital Partners LLP acquired a new position in shares of ITT in the 1st quarter valued at $609,000. Meeder Advisory Services Inc. raised its stake in shares of ITT by 13.4% in the 1st quarter. Meeder Advisory Services Inc. now owns 2,314 shares of the conglomerate’s stock valued at $299,000 after buying an additional 273 shares in the last quarter. Finally, Eagle Bluffs Wealth Management LLC lifted its holdings in shares of ITT by 0.8% during the 1st quarter. Eagle Bluffs Wealth Management LLC now owns 18,304 shares of the conglomerate’s stock worth $2,364,000 after acquiring an additional 143 shares during the period. Institutional investors own 91.59% of the company’s stock.

Analysts Set New Price Targets

ITT has been the topic of a number of analyst reports. Wall Street Zen raised shares of ITT from a “hold” rating to a “buy” rating in a research note on Wednesday, May 7th. Stifel Nicolaus lifted their price objective on ITT from $197.00 to $202.00 and gave the company a “buy” rating in a report on Friday. Citigroup reiterated a “buy” rating and issued a $186.00 price objective (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Bank of America raised their target price on ITT from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, May 21st. Finally, The Goldman Sachs Group boosted their price target on ITT from $160.00 to $177.00 and gave the company a “buy” rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, ITT presently has an average rating of “Moderate Buy” and an average price target of $177.88.

ITT Stock Performance

NYSE ITT opened at $163.96 on Friday. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $170.16. The company has a 50 day moving average of $155.77 and a 200-day moving average of $145.08. The company has a current ratio of 1.45, a quick ratio of 0.80 and a debt-to-equity ratio of 0.24. The firm has a market cap of $12.90 billion, a price-to-earnings ratio of 25.78, a PEG ratio of 2.14 and a beta of 1.38.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.02. ITT had a return on equity of 18.08% and a net margin of 13.99%. The business had revenue of $972.40 million for the quarter, compared to analyst estimates of $947.48 million. During the same period in the prior year, the company earned $1.49 EPS. ITT’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts forecast that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be issued a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, September 2nd. ITT’s payout ratio is currently 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.