Pier 88 Investment Partners LLC Acquires 20,270 Shares of ITT Inc. (NYSE:ITT)

Pier 88 Investment Partners LLC lifted its stake in shares of ITT Inc. (NYSE:ITT) by 268.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,830 shares of the conglomerate’s stock after acquiring an additional 20,270 shares during the quarter. ITT makes up approximately 0.9% of Pier 88 Investment Partners LLC’s holdings, making the stock its 26th biggest holding. Pier 88 Investment Partners LLC’s holdings in ITT were worth $4,161,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ITT. Eagle Bluffs Wealth Management LLC raised its holdings in shares of ITT by 0.4% in the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 18,973 shares of the conglomerate’s stock valued at $2,457,000 after purchasing an additional 82 shares in the last quarter. Round Rock Advisors LLC raised its position in shares of ITT by 0.4% in the 3rd quarter. Round Rock Advisors LLC now owns 20,319 shares of the conglomerate’s stock worth $3,038,000 after acquiring an additional 90 shares in the last quarter. Tectonic Advisors LLC grew its stake in ITT by 3.3% in the third quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate’s stock valued at $437,000 after purchasing an additional 93 shares during the last quarter. AE Wealth Management LLC grew its position in shares of ITT by 5.9% in the 2nd quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate’s stock worth $233,000 after buying an additional 100 shares during the last quarter. Finally, Quent Capital LLC lifted its position in ITT by 53.9% during the third quarter. Quent Capital LLC now owns 294 shares of the conglomerate’s stock valued at $44,000 after acquiring an additional 103 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Robert W. Baird decreased their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. KeyCorp raised their price objective on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Stifel Nicolaus upped their target price on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, TD Cowen lifted their price objective on shares of ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $157.78.

ITT Stock Performance

Shares of NYSE:ITT opened at $153.62 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. ITT Inc. has a 1 year low of $104.26 and a 1 year high of $155.52. The firm has a market capitalization of $12.52 billion, a PE ratio of 26.22, a P/E/G ratio of 1.99 and a beta of 1.41. The business’s 50 day moving average price is $145.20 and its 200-day moving average price is $137.54.

ITT (NYSE:ITT) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. ITT had a net margin of 13.67% and a return on equity of 17.98%. The business had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. During the same period in the prior year, the business earned $1.37 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, equities research analysts expect that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.83%. ITT’s dividend payout ratio (DPR) is presently 21.84%.

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.