ITT Inc. (NYSE:ITT) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its position in ITT Inc. (NYSE:ITT) by 2.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,028 shares of the conglomerate’s stock after purchasing an additional 465 shares during the period. Arizona State Retirement System’s holdings in ITT were worth $2,975,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. 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 in the last quarter. HBK Sorce Advisory LLC lifted its holdings in shares of ITT by 4.7% during the 1st quarter. HBK Sorce Advisory LLC now owns 2,306 shares of the conglomerate’s stock valued at $314,000 after acquiring an additional 104 shares in the last quarter. Blue Trust Inc. boosted its position in ITT by 38.7% during the 2nd quarter. Blue Trust Inc. now owns 423 shares of the conglomerate’s stock worth $58,000 after purchasing an additional 118 shares during the period. Quadrant Capital Group LLC increased its holdings in ITT by 5.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,479 shares of the conglomerate’s stock valued at $296,000 after purchasing an additional 125 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its position in ITT by 5.3% in the first quarter. Bleakley Financial Group LLC now owns 2,840 shares of the conglomerate’s stock valued at $386,000 after purchasing an additional 143 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Price Performance

Shares of NYSE ITT opened at $130.95 on Tuesday. 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 fifty-two week low of $91.94 and a fifty-two week high of $149.65. The business has a 50 day moving average price of $134.52 and a two-hundred day moving average price of $132.07. The firm has a market cap of $10.78 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 1.68 and a beta of 1.40.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.03. The business had revenue of $905.90 million during the quarter, compared to the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 earnings per share. Sell-side analysts expect that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.319 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.28 annualized dividend and a dividend yield of 0.97%. ITT’s payout ratio is 24.90%.

Wall Street Analyst Weigh In

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

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.