Corebridge Financial Inc. Sells 4,393 Shares of ITT Inc. (NYSE:ITT)

Corebridge Financial Inc. cut its position in shares of ITT Inc. (NYSE:ITT) by 4.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 92,226 shares of the conglomerate’s stock after selling 4,393 shares during the period. Corebridge Financial Inc.’s holdings in ITT were worth $13,177,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of ITT during the 4th quarter worth approximately $73,762,000. Proficio Capital Partners LLC purchased a new stake in ITT during the fourth quarter valued at $19,345,000. Boston Partners lifted its position in ITT by 7.0% during the fourth quarter. Boston Partners now owns 930,069 shares of the conglomerate’s stock valued at $132,915,000 after purchasing an additional 61,132 shares during the last quarter. TimesSquare Capital Management LLC grew its stake in shares of ITT by 34.0% in the 4th quarter. TimesSquare Capital Management LLC now owns 198,550 shares of the conglomerate’s stock worth $28,369,000 after buying an additional 50,384 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of ITT in the 3rd quarter worth about $7,075,000. 91.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Citigroup lowered their price target on shares of ITT from $183.00 to $181.00 and set a “buy” rating for the company in a report on Monday, January 13th. Wolfe Research began coverage on ITT in a research note on Wednesday, December 11th. They issued a “peer perform” rating for the company. UBS Group boosted their target price on ITT from $165.00 to $168.00 and gave the company a “buy” rating in a research report on Friday, February 7th. KeyCorp raised their price target on ITT from $164.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, StockNews.com upgraded shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.38.

ITT Stock Performance

ITT stock opened at $139.42 on Wednesday. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 1.89 and a beta of 1.42. ITT Inc. has a twelve month low of $121.01 and a twelve month high of $161.13. The company has a quick ratio of 0.96, a current ratio of 1.40 and a debt-to-equity ratio of 0.08. The business’s fifty day simple moving average is $143.53 and its two-hundred day simple moving average is $146.07.

ITT (NYSE:ITT) last issued its earnings results on Thursday, February 6th. The conglomerate reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. Analysts predict that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 6th will be issued a $0.351 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.01%. This is a boost from ITT’s previous quarterly dividend of $0.32. The ex-dividend date is Thursday, March 6th. ITT’s dividend payout ratio is currently 22.22%.

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.