Massachusetts Financial Services Co. MA Sells 2,021 Shares of ITT Inc. (NYSE:ITT)

Massachusetts Financial Services Co. MA cut its position in shares of ITT Inc. (NYSE:ITT) by 0.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,323,340 shares of the conglomerate’s stock after selling 2,021 shares during the period. Massachusetts Financial Services Co. MA’s holdings in ITT were worth $197,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ITT. Eagle Bluffs Wealth Management LLC lifted its position in ITT by 0.4% during the second quarter. Eagle Bluffs Wealth Management LLC now owns 18,973 shares of the conglomerate’s stock valued at $2,457,000 after buying an additional 82 shares during the period. CIBC Asset Management Inc grew its holdings in ITT by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,409 shares of the conglomerate’s stock worth $360,000 after purchasing an additional 87 shares during the period. Round Rock Advisors LLC increased its stake in shares of ITT by 0.4% during the third quarter. Round Rock Advisors LLC now owns 20,319 shares of the conglomerate’s stock valued at $3,038,000 after purchasing an additional 90 shares in the last quarter. Tectonic Advisors LLC lifted its holdings in shares of ITT by 3.3% during the third quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate’s stock valued at $437,000 after purchasing an additional 93 shares during the last quarter. Finally, AE Wealth Management LLC grew its stake in shares of ITT by 5.9% in the 2nd quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate’s stock worth $233,000 after buying an additional 100 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Trading Up 1.9 %

Shares of ITT stock opened at $158.48 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. ITT Inc. has a 12-month low of $107.01 and a 12-month high of $158.56. The stock has a market capitalization of $12.92 billion, a P/E ratio of 27.04, a P/E/G ratio of 1.98 and a beta of 1.41. The firm’s 50 day moving average is $148.28 and its 200 day moving average is $138.68.

ITT (NYSE:ITT) last released its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. The firm had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $1.37 EPS. Research analysts expect that ITT Inc. will post 5.84 earnings per share for the current year.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be paid a $0.319 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.81%. The ex-dividend date is Friday, November 29th. ITT’s dividend payout ratio (DPR) is presently 21.67%.

Analyst Upgrades and Downgrades

Several research firms have commented on ITT. Stifel Nicolaus boosted their target price on ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. The Goldman Sachs Group raised their price objective on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. KeyCorp upped their target price on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. TD Cowen raised their price target on shares of ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Robert W. Baird lowered their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, ITT currently has a consensus rating of “Buy” and a consensus price target of $161.88.

About ITT

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.