Principal Financial Group Inc. Sells 6,712 Shares of ITT Inc. (NYSE:ITT)

Principal Financial Group Inc. lowered its position in ITT Inc. (NYSE:ITTGet Rating) by 2.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 290,962 shares of the conglomerate’s stock after selling 6,712 shares during the period. Principal Financial Group Inc.’s holdings in ITT were worth $29,733,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of ITT in the fourth quarter worth $3,095,000. Transcend Wealth Collective LLC bought a new stake in shares of ITT in the fourth quarter worth $2,176,000. Barclays PLC grew its holdings in shares of ITT by 13.0% in the third quarter. Barclays PLC now owns 77,268 shares of the conglomerate’s stock worth $6,633,000 after acquiring an additional 8,888 shares during the period. Credit Suisse AG grew its holdings in shares of ITT by 4.0% in the third quarter. Credit Suisse AG now owns 81,347 shares of the conglomerate’s stock worth $6,983,000 after acquiring an additional 3,158 shares during the period. Finally, Twinbeech Capital LP bought a new stake in shares of ITT in the third quarter worth $2,663,000. 95.64% of the stock is owned by institutional investors.

Shares of ITT stock opened at $72.51 on Friday. The stock’s 50-day simple moving average is $74.65 and its 200-day simple moving average is $88.84. ITT Inc. has a 52 week low of $68.80 and a 52 week high of $105.54. The company has a market capitalization of $6.05 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.23 and a beta of 1.51.

ITT (NYSE:ITTGet Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The conglomerate reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ITT had a return on equity of 15.90% and a net margin of 10.92%. The business had revenue of $726.20 million for the quarter, compared to the consensus estimate of $695.93 million. During the same period in the previous year, the business earned $1.06 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. Analysts forecast that ITT Inc. will post 4.42 earnings per share for the current year.

Several analysts recently commented on ITT shares. Oppenheimer lowered ITT from an “outperform” rating to a “market perform” rating in a report on Monday, March 28th. Robert W. Baird cut their price target on ITT from $90.00 to $84.00 in a report on Wednesday, May 4th. StockNews.com started coverage on ITT in a report on Thursday, March 31st. They set a “hold” rating for the company. Stifel Nicolaus cut their price target on ITT from $107.00 to $91.00 and set a “buy” rating for the company in a report on Monday, April 18th. Finally, KeyCorp cut their price target on ITT from $113.00 to $100.00 in a report on Wednesday, May 4th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, ITT presently has an average rating of “Buy” and a consensus target price of $103.17.

In other news, CEO Luca Savi sold 10,290 shares of the business’s stock in a transaction dated Thursday, February 17th. The stock was sold at an average price of $87.44, for a total value of $899,757.60. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by insiders.

ITT Company Profile (Get Rating)

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through 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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Institutional Ownership by Quarter for ITT (NYSE:ITT)

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