Pier 88 Investment Partners LLC Trims Holdings in ITT Inc. (NYSE:ITT)

Pier 88 Investment Partners LLC reduced its stake in ITT Inc. (NYSE:ITT) by 3.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 26,740 shares of the conglomerate’s stock after selling 1,090 shares during the quarter. ITT accounts for 0.8% of Pier 88 Investment Partners LLC’s investment portfolio, making the stock its 27th largest position. Pier 88 Investment Partners LLC’s holdings in ITT were worth $3,821,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in shares of ITT during the fourth quarter worth $26,000. Resources Management Corp CT ADV purchased a new position in ITT during the 3rd quarter valued at about $30,000. ORG Wealth Partners LLC acquired a new position in ITT in the 4th quarter valued at about $30,000. Whipplewood Advisors LLC purchased a new stake in ITT during the fourth quarter worth about $34,000. Finally, Private Trust Co. NA lifted its position in shares of ITT by 232.2% during the third quarter. Private Trust Co. NA now owns 299 shares of the conglomerate’s stock worth $45,000 after purchasing an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on ITT shares. StockNews.com upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, February 13th. Stifel Nicolaus cut their price objective on ITT from $180.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Wolfe Research initiated coverage on ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating for the company. KeyCorp upped their price target on ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Citigroup decreased their price objective on ITT from $183.00 to $181.00 and set a “buy” rating for the company in a research note on Monday, January 13th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.29.

ITT Trading Down 4.1 %

NYSE:ITT opened at $128.56 on Monday. ITT Inc. has a 1 year low of $121.01 and a 1 year high of $161.13. The stock has a market cap of $10.46 billion, a P/E ratio of 20.41, a P/E/G ratio of 1.89 and a beta of 1.42. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40. The stock has a 50-day simple moving average of $142.63 and a 200-day simple moving average of $146.11.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, beating 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, analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 6th will be given a $0.351 dividend. The ex-dividend date is Thursday, March 6th. This is a boost from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 1.09%. ITT’s payout ratio is 22.22%.

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.