ITT Inc. (NYSE:ITT) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its stake in ITT Inc. (NYSE:ITT) by 2.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 20,129 shares of the conglomerate’s stock after purchasing an additional 400 shares during the period. State of Michigan Retirement System’s holdings in ITT were worth $2,738,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its holdings in ITT by 540.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 61,379 shares of the conglomerate’s stock valued at $8,349,000 after purchasing an additional 51,789 shares during the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO purchased a new position in ITT in the 1st quarter valued at approximately $204,000. Register Financial Advisors LLC boosted its position in ITT by 4.5% in the 1st quarter. Register Financial Advisors LLC now owns 3,454 shares of the conglomerate’s stock valued at $470,000 after buying an additional 150 shares during the period. Benson Investment Management Company Inc. boosted its position in ITT by 1.5% in the 1st quarter. Benson Investment Management Company Inc. now owns 38,819 shares of the conglomerate’s stock valued at $5,281,000 after buying an additional 562 shares during the period. Finally, Running Oak Capital LLC boosted its position in ITT by 4.6% in the 1st quarter. Running Oak Capital LLC now owns 91,908 shares of the conglomerate’s stock valued at $12,502,000 after buying an additional 4,029 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on ITT. UBS Group raised their price target on shares of ITT from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Citigroup raised their price target on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. KeyCorp raised their price target on shares of ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. DA Davidson lifted their price objective on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. Finally, Stifel Nicolaus lifted their price objective on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $138.38.

ITT Price Performance

ITT stock opened at $127.90 on Thursday. ITT Inc. has a 12-month low of $90.83 and a 12-month high of $140.20. The stock has a market cap of $10.53 billion, a P/E ratio of 25.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.42. The company has a current ratio of 1.59, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $131.80 and a 200-day simple moving average of $127.04.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. ITT had a net margin of 12.41% and a return on equity of 18.21%. The firm had revenue of $910.60 million during the quarter, compared to analysts’ expectations of $883.21 million. During the same period in the previous year, the company earned $1.17 earnings per share. ITT’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts expect that ITT Inc. will post 5.85 EPS for the current fiscal year.

ITT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 3rd were given a $0.319 dividend. The ex-dividend date was Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 1.00%. ITT’s dividend payout ratio (DPR) is presently 25.10%.

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.