California Public Employees Retirement System decreased its position in ITT Inc. (NYSE:ITT – Free Report) by 2.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 164,099 shares of the conglomerate’s stock after selling 3,487 shares during the period. California Public Employees Retirement System’s holdings in ITT were worth $15,296,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. TimesSquare Capital Management LLC lifted its holdings in shares of ITT by 1.0% in the second quarter. TimesSquare Capital Management LLC now owns 432,570 shares of the conglomerate’s stock valued at $40,320,000 after buying an additional 4,445 shares during the period. Rhumbline Advisers lifted its holdings in shares of ITT by 2.6% in the second quarter. Rhumbline Advisers now owns 254,074 shares of the conglomerate’s stock valued at $23,682,000 after buying an additional 6,431 shares during the period. Candriam S.C.A. lifted its holdings in shares of ITT by 81.4% in the second quarter. Candriam S.C.A. now owns 90,997 shares of the conglomerate’s stock valued at $8,482,000 after buying an additional 40,842 shares during the period. Mcmillion Capital Management Inc. acquired a new stake in shares of ITT in the second quarter valued at $30,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of ITT by 19.4% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,724 shares of the conglomerate’s stock valued at $347,000 after purchasing an additional 606 shares during the last quarter. Institutional investors and hedge funds own 90.73% of the company’s stock.
Insider Transactions at ITT
In related news, Director Don Defosset sold 9,996 shares of ITT stock in a transaction on Monday, November 6th. The shares were sold at an average price of $101.25, for a total value of $1,012,095.00. Following the completion of the sale, the director now owns 20,694 shares of the company’s stock, valued at approximately $2,095,267.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.60% of the stock is currently owned by company insiders.
ITT Price Performance
ITT announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 4th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the conglomerate to reacquire up to 12.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
ITT Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 1st will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend is Thursday, November 30th. ITT’s dividend payout ratio is 22.14%.
Wall Street Analysts Forecast Growth
ITT has been the topic of a number of recent analyst reports. Bank of America upgraded shares of ITT from a “neutral” rating to a “buy” rating and boosted their price target for the company from $105.00 to $125.00 in a report on Thursday. Robert W. Baird increased their target price on ITT from $101.00 to $107.00 and gave the company an “outperform” rating in a report on Friday, August 4th. TD Cowen upped their price target on ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, August 29th. KeyCorp raised their price objective on ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. Finally, StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a report on Sunday, October 29th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ITT presently has a consensus rating of “Buy” and a consensus price target of $111.29.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.
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