Comerica Bank Sells 24,595 Shares of ITT Inc. (NYSE:ITT)

Comerica Bank reduced its stake in ITT Inc. (NYSE:ITT) by 21.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,569 shares of the conglomerate’s stock after selling 24,595 shares during the period. Comerica Bank’s holdings in ITT were worth $12,320,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its position in ITT by 5.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 2,716 shares of the conglomerate’s stock valued at $369,000 after purchasing an additional 144 shares in the last quarter. Interval Partners LP raised its position in ITT by 29.2% during the first quarter. Interval Partners LP now owns 72,229 shares of the conglomerate’s stock valued at $9,825,000 after purchasing an additional 16,326 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of ITT during the first quarter worth $1,388,000. SVB Wealth LLC increased its holdings in shares of ITT by 8.7% during the first quarter. SVB Wealth LLC now owns 2,900 shares of the conglomerate’s stock worth $394,000 after buying an additional 232 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of ITT by 2.7% during the first quarter. Public Employees Retirement System of Ohio now owns 59,640 shares of the conglomerate’s stock worth $8,113,000 after buying an additional 1,565 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

ITT Stock Down 2.5 %

NYSE:ITT traded down $3.50 on Thursday, hitting $137.96. The stock had a trading volume of 356,715 shares, compared to its average volume of 387,666. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.59. The stock has a market cap of $11.35 billion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 1.83 and a beta of 1.41. ITT Inc. has a 1 year low of $91.94 and a 1 year high of $149.65. The firm’s fifty day simple moving average is $132.40 and its two-hundred day simple moving average is $129.66.

ITT (NYSE:ITT) last posted its quarterly earnings data on Thursday, May 2nd. The conglomerate reported $1.42 EPS for the quarter, beating the consensus estimate of $1.36 by $0.06. The firm had revenue of $910.60 million during the quarter, compared to analyst estimates of $883.21 million. ITT had a net margin of 12.41% and a return on equity of 18.21%. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $1.17 EPS. Analysts predict that ITT Inc. will post 5.85 earnings per share for the current year.

ITT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be paid a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.92%. ITT’s dividend payout ratio (DPR) is 25.10%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ITT. UBS Group upped their price target on shares of ITT from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Stifel Nicolaus upped their price target on shares of ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Citigroup upped their price target on shares of ITT from $139.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, April 8th. TD Cowen increased their price objective on ITT from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, KeyCorp increased their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $144.88.

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.