King Luther Capital Management Corp Trims Stock Position in ITT Inc. (NYSE:ITT)

King Luther Capital Management Corp decreased its position in ITT Inc. (NYSE:ITT) by 7.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,408 shares of the conglomerate’s stock after selling 4,738 shares during the period. King Luther Capital Management Corp owned 0.07% of ITT worth $7,545,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Ontario Teachers Pension Plan Board acquired a new position in shares of ITT in the 4th quarter valued at $992,000. Vanguard Group Inc. boosted its position in shares of ITT by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 8,463,809 shares of the conglomerate’s stock worth $1,009,902,000 after buying an additional 65,173 shares during the period. SageView Advisory Group LLC grew its stake in shares of ITT by 383.3% in the first quarter. SageView Advisory Group LLC now owns 9,666 shares of the conglomerate’s stock valued at $1,315,000 after buying an additional 7,666 shares in the last quarter. Norges Bank purchased a new stake in shares of ITT in the 4th quarter valued at $102,709,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in ITT by 6.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 108,105 shares of the conglomerate’s stock worth $14,706,000 after acquiring an additional 6,143 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Stock Performance

Shares of ITT stock opened at $144.46 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. ITT Inc. has a 52 week low of $91.94 and a 52 week high of $149.65. The firm’s 50 day moving average is $135.89 and its two-hundred day moving average is $132.58. The firm has a market capitalization of $11.89 billion, a P/E ratio of 28.33, a P/E/G ratio of 1.71 and a beta of 1.40.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.03. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm had revenue of $905.90 million during the quarter, compared to analysts’ expectations of $916.38 million. During the same period in the previous year, the company earned $1.33 earnings per share. ITT’s quarterly revenue was up 8.6% compared to the same quarter last year. Research analysts forecast that ITT Inc. will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date of this dividend is Tuesday, September 3rd. ITT’s dividend payout ratio is currently 24.90%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ITT shares. KeyCorp lifted their target price on ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Stifel Nicolaus lifted their price objective on ITT from $150.00 to $157.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, TD Cowen boosted their price target on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ITT currently has a consensus rating of “Buy” and a consensus price target of $151.00.

ITT Company 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.