Channing Capital Management LLC Trims Stake in ITT Inc. (NYSE:ITT)

Channing Capital Management LLC cut its stake in ITT Inc. (NYSE:ITT) by 23.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 94,402 shares of the conglomerate’s stock after selling 29,092 shares during the quarter. Channing Capital Management LLC’s holdings in ITT were worth $11,264,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ITT. Bowen Hanes & Co. Inc. bought a new position in shares of ITT in the 3rd quarter worth about $26,087,000. Invesco Ltd. lifted its holdings in shares of ITT by 46.6% during the third quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock valued at $60,130,000 after purchasing an additional 195,111 shares during the last quarter. FMR LLC boosted its position in shares of ITT by 1.9% in the 3rd quarter. FMR LLC now owns 7,581,649 shares of the conglomerate’s stock worth $742,319,000 after purchasing an additional 144,394 shares in the last quarter. Scopus Asset Management L.P. grew its stake in shares of ITT by 127.3% in the 3rd quarter. Scopus Asset Management L.P. now owns 196,391 shares of the conglomerate’s stock worth $19,229,000 after buying an additional 110,000 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. bought a new position in ITT during the 4th quarter valued at approximately $9,111,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ITT has been the topic of a number of recent research reports. StockNews.com cut ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Citigroup increased their price objective on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Stifel Nicolaus lifted their target price on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. DA Davidson increased their price target on shares of ITT from $140.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, March 26th. Finally, KeyCorp boosted their price objective on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $135.57.

ITT Stock Performance

Shares of ITT traded up $3.82 during mid-day trading on Friday, hitting $128.31. 540,258 shares of the company traded hands, compared to its average volume of 382,581. The stock has a market cap of $10.55 billion, a price-to-earnings ratio of 25.16, a P/E/G ratio of 1.76 and a beta of 1.43. The stock has a 50-day moving average price of $129.45 and a two-hundred day moving average price of $118.66. ITT Inc. has a 1 year low of $75.82 and a 1 year high of $138.29. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.24 and a current ratio of 1.59.

ITT (NYSE:ITT) last posted its earnings results on Thursday, May 2nd. The conglomerate reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The business had revenue of $910.60 million during the quarter, compared to the consensus estimate of $883.21 million. ITT had a net margin of 12.41% and a return on equity of 18.21%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 EPS. Equities analysts anticipate that ITT Inc. will post 5.8 earnings per share for the current year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.319 per share. The ex-dividend date is Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.99%. ITT’s dividend payout ratio is currently 25.10%.

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.