State of Michigan Retirement System Reduces Position in ITT Inc. (NYSE:ITT)

State of Michigan Retirement System trimmed its holdings in shares of ITT Inc. (NYSE:ITT) by 0.5% during the fourth quarter, Holdings Channel reports. The fund owned 19,329 shares of the conglomerate’s stock after selling 100 shares during the quarter. State of Michigan Retirement System’s holdings in ITT were worth $2,762,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp increased its position in shares of ITT by 1.1% during the third quarter. State Street Corp now owns 2,437,674 shares of the conglomerate’s stock worth $364,457,000 after acquiring an additional 26,133 shares during the last quarter. Geode Capital Management LLC increased its holdings in ITT by 0.6% in the third quarter. Geode Capital Management LLC now owns 1,369,021 shares of the conglomerate’s stock valued at $204,736,000 after buying an additional 8,223 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in ITT by 0.5% in the fourth quarter. Bank of New York Mellon Corp now owns 761,599 shares of the conglomerate’s stock valued at $108,817,000 after buying an additional 3,727 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in ITT by 4.3% in the third quarter. Westfield Capital Management Co. LP now owns 669,519 shares of the conglomerate’s stock valued at $100,100,000 after buying an additional 27,885 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in ITT in the third quarter valued at about $67,503,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ITT. UBS Group boosted their price objective on ITT from $165.00 to $168.00 and gave the company a “buy” rating in a report on Friday, February 7th. Stifel Nicolaus lowered their price objective on ITT from $180.00 to $179.00 and set a “buy” rating for the company in a report on Friday, January 24th. Citigroup decreased their target price on ITT from $183.00 to $181.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Wolfe Research assumed coverage on ITT in a research note on Wednesday, December 11th. They issued a “peer perform” rating for the company. Finally, KeyCorp lifted their target price on ITT from $164.00 to $170.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $168.38.

ITT Stock Performance

Shares of NYSE ITT opened at $138.82 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $145.31 and a 200-day simple moving average of $145.90. The company has a market cap of $11.30 billion, a PE ratio of 22.04, a P/E/G ratio of 1.89 and a beta of 1.42. ITT Inc. has a 12-month low of $121.01 and a 12-month high of $161.13.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a return on equity of 18.03% and a net margin of 14.27%. On average, equities research analysts forecast that ITT Inc. will post 6.51 EPS for the current year.

ITT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 6th will be given a dividend of $0.351 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a dividend yield of 1.01%. ITT’s payout ratio is currently 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.