The Manufacturers Life Insurance Company Sells 2,540 Shares of ITT Inc. (NYSE:ITT)

The Manufacturers Life Insurance Company cut its stake in ITT Inc. (NYSE:ITT) by 3.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,792 shares of the conglomerate’s stock after selling 2,540 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of ITT worth $9,687,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ITT. Capital Performance Advisors LLP bought a new position in ITT in the third quarter worth about $26,000. UMB Bank n.a. raised its position in shares of ITT by 315.8% in the 3rd quarter. UMB Bank n.a. now owns 237 shares of the conglomerate’s stock worth $35,000 after acquiring an additional 180 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of ITT in the 2nd quarter valued at approximately $32,000. Brown Brothers Harriman & Co. bought a new stake in shares of ITT during the second quarter valued at approximately $36,000. Finally, Quent Capital LLC grew its stake in ITT by 53.9% in the third quarter. Quent Capital LLC now owns 294 shares of the conglomerate’s stock worth $44,000 after purchasing an additional 103 shares during the period. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Stock Performance

Shares of ITT opened at $156.09 on Wednesday. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 26.64, a P/E/G ratio of 2.02 and a beta of 1.40. The business’s fifty day simple moving average is $150.11 and its two-hundred day simple moving average is $139.53. ITT Inc. has a 12 month low of $109.36 and a 12 month high of $161.13. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17.

ITT (NYSE:ITT) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. The business had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. ITT’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 EPS. Research analysts anticipate that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be issued a dividend of $0.319 per share. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.82%. ITT’s payout ratio is 21.84%.

Analyst Ratings Changes

A number of brokerages have recently commented on ITT. StockNews.com cut shares of ITT from a “buy” rating to a “hold” rating in a report on Wednesday, November 27th. Robert W. Baird dropped their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. KeyCorp raised their target price on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group boosted their price target on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, TD Cowen raised their price objective on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.88.

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.