Covea Finance Sells 34,900 Shares of ITT Inc. (NYSE:ITT)

Covea Finance trimmed its position in ITT Inc. (NYSE:ITT - Free Report) by 13.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 219,900 shares of the conglomerate's stock after selling 34,900 shares during the quarter. ITT accounts for 1.4% of Covea Finance's holdings, making the stock its 20th largest holding. Covea Finance owned 0.27% of ITT worth $31,419,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in shares of ITT by 1.3% in the 3rd quarter. M&T Bank Corp now owns 5,334 shares of the conglomerate's stock valued at $797,000 after purchasing an additional 69 shares in the last quarter. CIBC Asset Management Inc boosted its position in ITT by 3.7% in the third quarter. CIBC Asset Management Inc now owns 2,409 shares of the conglomerate's stock valued at $360,000 after buying an additional 87 shares in the last quarter. Round Rock Advisors LLC boosted its position in ITT by 0.4% in the third quarter. Round Rock Advisors LLC now owns 20,319 shares of the conglomerate's stock valued at $3,038,000 after buying an additional 90 shares in the last quarter. Tectonic Advisors LLC grew its stake in shares of ITT by 3.3% during the third quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate's stock worth $437,000 after buying an additional 93 shares during the last quarter. Finally, AE Wealth Management LLC increased its holdings in shares of ITT by 5.9% during the second quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate's stock worth $233,000 after buying an additional 100 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITT has been the topic of a number of research reports. Citigroup reduced their price objective on ITT from $183.00 to $181.00 and set a "buy" rating on the stock in a research report on Monday. TD Cowen boosted their price target on ITT from $150.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, October 31st. Stifel Nicolaus raised their price objective on shares of ITT from $171.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Wolfe Research initiated coverage on shares of ITT in a research report on Wednesday, December 11th. They set a "peer perform" rating on the stock. Finally, StockNews.com cut shares of ITT from a "buy" rating to a "hold" rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $166.50.

ITT Trading Up 1.3 %

ITT stock traded up $1.84 during mid-day trading on Wednesday, hitting $145.39. 537,302 shares of the stock were exchanged, compared to its average volume of 378,345. The firm's fifty day simple moving average is $149.68 and its two-hundred day simple moving average is $142.86. The company has a quick ratio of 1.09, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. ITT Inc. has a 12 month low of $116.59 and a 12 month high of $161.13. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of 24.81, a PEG ratio of 1.95 and a beta of 1.41.

ITT (NYSE:ITT - Get Free Report) last announced 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 the consensus estimate of $884.50 million. ITT had a net margin of 13.67% and a return on equity of 17.98%. ITT's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 earnings per share. Analysts forecast that ITT Inc. will post 5.84 EPS for the current year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were given a dividend of $0.319 per share. The ex-dividend date was Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. ITT's payout ratio is 21.67%.

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.