Allspring Global Investments Holdings LLC Sells 83 Shares of ITT Inc. (NYSE:ITT)

Allspring Global Investments Holdings LLC cut its holdings in ITT Inc. (NYSE:ITT) by 0.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 95,315 shares of the conglomerate’s stock after selling 83 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of ITT worth $13,518,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Eagle Asset Management Inc. acquired a new stake in ITT during the third quarter valued at approximately $67,503,000. Erste Asset Management GmbH acquired a new stake in ITT during the third quarter valued at approximately $7,075,000. Polar Asset Management Partners Inc. boosted its holdings in ITT by 68.9% during the third quarter. Polar Asset Management Partners Inc. now owns 111,000 shares of the conglomerate’s stock valued at $16,596,000 after purchasing an additional 45,300 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in ITT by 15.4% during the third quarter. Victory Capital Management Inc. now owns 306,516 shares of the conglomerate’s stock valued at $45,827,000 after purchasing an additional 40,860 shares in the last quarter. Finally, Regents Gate Capital LLP acquired a new stake in ITT during the fourth quarter valued at approximately $4,323,000. 91.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ITT shares. TD Cowen lifted their price objective on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, October 31st. KeyCorp boosted their target price on ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Wolfe Research started coverage on ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating on the stock. StockNews.com raised ITT from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Finally, UBS Group boosted their target price on ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $168.38.

ITT Price Performance

Shares of NYSE ITT opened at $147.58 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 1.09. The business has a 50-day moving average of $146.77 and a 200-day moving average of $145.18. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of 23.43, a PEG ratio of 1.80 and a beta of 1.41. ITT Inc. has a fifty-two week low of $121.01 and a fifty-two week high of $161.13.

ITT (NYSE:ITT) last posted its earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. ITT had a return on equity of 18.03% and a net margin of 14.27%. As a group, sell-side analysts predict that ITT Inc. will post 6.33 earnings per share for the current fiscal year.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be given a $0.351 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 0.95%. ITT’s dividend payout ratio (DPR) is currently 20.32%.

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.