Retirement Systems of Alabama Cuts Position in ITT Inc. (NYSE:ITT)

Retirement Systems of Alabama decreased its position in shares of ITT Inc. (NYSE:ITT) by 4.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 193,916 shares of the conglomerate’s stock after selling 9,127 shares during the period. Retirement Systems of Alabama owned approximately 0.24% of ITT worth $28,992,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ITT. Algert Global LLC purchased a new position in shares of ITT during the 2nd quarter valued at about $1,158,000. Eagle Asset Management Inc. bought a new position in ITT during the third quarter valued at approximately $67,503,000. AQR Capital Management LLC raised its stake in shares of ITT by 115.6% during the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock worth $31,717,000 after acquiring an additional 131,708 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of ITT by 46.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 95,398 shares of the conglomerate’s stock worth $14,263,000 after acquiring an additional 30,320 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of ITT by 16,832.5% in the 3rd quarter. International Assets Investment Management LLC now owns 14,054 shares of the conglomerate’s stock valued at $2,101,000 after purchasing an additional 13,971 shares in the last quarter. Institutional investors own 91.59% of the company’s stock.

ITT Price Performance

Shares of ITT stock opened at $150.68 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.09 and a current ratio of 1.58. The firm has a market cap of $12.28 billion, a P/E ratio of 25.71, a P/E/G ratio of 1.99 and a beta of 1.40. The business’s 50 day moving average price is $151.18 and its 200-day moving average price is $140.52. ITT Inc. has a fifty-two week low of $113.70 and a fifty-two week high of $161.13.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. ITT had a net margin of 13.67% and a return on equity of 17.98%. The business had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. During the same period in the previous year, the firm earned $1.37 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts anticipate that ITT Inc. will post 5.84 earnings per share for the current year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be issued a $0.319 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.85%. ITT’s dividend payout ratio (DPR) is presently 21.67%.

Wall Street Analyst Weigh In

Several analysts have weighed in on ITT shares. StockNews.com downgraded shares of ITT from a “buy” rating to a “hold” rating in a research note on Saturday, December 7th. KeyCorp boosted their target price on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. TD Cowen raised their price target on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird lowered their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price objective on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, ITT presently has a consensus rating of “Moderate Buy” and an average target price of $166.75.

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.