State Treasurer State of Michigan reduced its position in ITT Inc (NYSE:ITT) by 16.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,000 shares of the conglomerate’s stock after selling 5,200 shares during the quarter. State Treasurer State of Michigan’s holdings in ITT were worth $1,702,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ITT. Louisiana State Employees Retirement System raised its holdings in ITT by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 23,400 shares of the conglomerate’s stock worth $1,357,000 after purchasing an additional 200 shares in the last quarter. Oakbrook Investments LLC raised its holdings in ITT by 2.1% in the first quarter. Oakbrook Investments LLC now owns 9,700 shares of the conglomerate’s stock worth $563,000 after purchasing an additional 200 shares in the last quarter. Synovus Financial Corp raised its holdings in ITT by 4.1% in the first quarter. Synovus Financial Corp now owns 6,552 shares of the conglomerate’s stock worth $380,000 after purchasing an additional 259 shares in the last quarter. ETF Managers Group LLC raised its holdings in ITT by 10.3% in the first quarter. ETF Managers Group LLC now owns 2,937 shares of the conglomerate’s stock worth $170,000 after purchasing an additional 274 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in ITT by 1.5% in the second quarter. State of Alaska Department of Revenue now owns 19,452 shares of the conglomerate’s stock worth $1,273,000 after purchasing an additional 292 shares in the last quarter. Hedge funds and other institutional investors own 89.74% of the company’s stock.

A number of brokerages have commented on ITT. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Wednesday, June 12th. Oppenheimer set a $72.00 target price on shares of ITT and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Stifel Nicolaus boosted their target price on shares of ITT from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $66.20.

Shares of ITT stock traded up $1.52 during trading hours on Tuesday, reaching $56.43. 49,071 shares of the company’s stock were exchanged, compared to its average volume of 558,494. ITT Inc has a 1 year low of $44.89 and a 1 year high of $66.88. The stock has a market cap of $5.00 billion, a PE ratio of 17.47, a PEG ratio of 1.59 and a beta of 1.57. The firm has a fifty day moving average price of $62.84.

ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 2nd. The conglomerate reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.04. ITT had a return on equity of 16.68% and a net margin of 10.85%. The business had revenue of $719.90 million for the quarter, compared to analyst estimates of $703.80 million. During the same quarter in the previous year, the firm earned $0.82 earnings per share. As a group, equities analysts predict that ITT Inc will post 3.63 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be paid a dividend of $0.147 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.59 dividend on an annualized basis and a dividend yield of 1.04%. ITT’s payout ratio is 18.27%.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.

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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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