Municipal Employees Retirement System of Michigan lowered its stake in ITT Inc. (NYSE:ITT) by 0.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,870 shares of the conglomerate’s stock after selling 320 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in ITT were worth $1,676,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the conglomerate’s stock valued at $131,000 after buying an additional 120 shares during the period. Tyers Asset Management LLC bought a new stake in shares of ITT during the fourth quarter valued at about $135,000. Elkfork Partners LLC bought a new stake in shares of ITT during the fourth quarter valued at about $185,000. Timber Hill LLC bought a new stake in shares of ITT during the first quarter valued at about $201,000. Finally, Coastline Trust Co bought a new stake in shares of ITT during the first quarter valued at about $205,000. Hedge funds and other institutional investors own 91.15% of the company’s stock.
Shares of ITT Inc. (ITT) traded down 3.16% on Tuesday, hitting $38.58. 1,057,294 shares of the stock traded hands. ITT Inc. has a 52 week low of $30.06 and a 52 week high of $44.00. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 17.78 and a beta of 1.39. The stock has a 50 day moving average price of $40.27 and a 200-day moving average price of $40.66.
ITT (NYSE:ITT) last released its earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.04. The firm had revenue of $625.80 million for the quarter, compared to analysts’ expectations of $607.08 million. ITT had a net margin of 7.93% and a return on equity of 15.41%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 earnings per share. On average, equities research analysts forecast that ITT Inc. will post $2.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be paid a dividend of $0.128 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend is Thursday, June 8th. ITT’s payout ratio is currently 22.94%.
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Several equities research analysts have issued reports on the stock. Goldman Sachs Group Inc downgraded shares of ITT from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $46.00 to $43.00 in a research report on Tuesday. TheStreet upgraded shares of ITT from a “c+” rating to a “b” rating in a research report on Monday, March 27th. Stifel Nicolaus raised their price objective on shares of ITT from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, February 15th. CIBC upgraded shares of ITT from a “market perform” rating to an “outperform” rating in a research report on Thursday, February 16th. Finally, Oppenheimer Holdings Inc. upgraded shares of ITT from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Thursday, February 16th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. ITT has a consensus rating of “Buy” and an average target price of $45.86.
In related news, CEO Denise L. Ramos sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $41.35, for a total transaction of $2,067,500.00. Following the sale, the chief executive officer now directly owns 308,032 shares in the company, valued at approximately $12,737,123.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aris C. Chicles sold 28,089 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $41.00, for a total transaction of $1,151,649.00. Following the sale, the insider now owns 10,430 shares in the company, valued at $427,630. The disclosure for this sale can be found here. Insiders have sold a total of 153,089 shares of company stock worth $6,294,149 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.
ITT Company Profile
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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