Truist Financial Corp Decreases Stake in ITT Inc. (NYSE:ITT)

Truist Financial Corp lowered its holdings in ITT Inc. (NYSE:ITT) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,935 shares of the conglomerate’s stock after selling 625 shares during the quarter. Truist Financial Corp owned 0.07% of ITT worth $8,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Eagle Asset Management Inc. purchased a new stake in ITT during the third quarter valued at $67,503,000. International Assets Investment Management LLC increased its position in ITT by 16,832.5% during the third quarter. International Assets Investment Management LLC now owns 14,054 shares of the conglomerate’s stock valued at $2,101,000 after acquiring an additional 13,971 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in ITT by 46.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 95,398 shares of the conglomerate’s stock valued at $14,263,000 after acquiring an additional 30,320 shares during the last quarter. Algert Global LLC increased its position in ITT by 101.2% during the third quarter. Algert Global LLC now owns 18,034 shares of the conglomerate’s stock valued at $2,696,000 after acquiring an additional 9,070 shares during the last quarter. Finally, Pier 88 Investment Partners LLC increased its position in ITT by 268.1% during the third quarter. Pier 88 Investment Partners LLC now owns 27,830 shares of the conglomerate’s stock valued at $4,161,000 after acquiring an additional 20,270 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Analysts Set New Price Targets

ITT has been the subject of a number of research reports. Robert W. Baird reduced 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. Citigroup reduced their price objective on ITT from $183.00 to $181.00 and set a “buy” rating for the company in a research report on Monday, January 13th. StockNews.com raised ITT from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. TD Cowen boosted their price target on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Wolfe Research started coverage on ITT in a report on Wednesday, December 11th. They set a “peer perform” rating for the company. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $168.38.

ITT Stock Performance

NYSE ITT opened at $141.85 on Friday. The firm has a market cap of $11.55 billion, a price-to-earnings ratio of 22.52, a price-to-earnings-growth ratio of 1.91 and a beta of 1.41. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.08. The business has a 50-day moving average price of $146.34 and a 200-day moving average price of $145.48. ITT Inc. has a twelve month low of $121.01 and a twelve month high of $161.13.

ITT (NYSE:ITT) last released its quarterly earnings data 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, equities research analysts predict that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 6th will be paid a $0.351 dividend. This is a positive change from ITT’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.99%. ITT’s dividend payout ratio is 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.