Allspring Global Investments Holdings LLC Reduces Stake in ITT Inc. $ITT

Allspring Global Investments Holdings LLC reduced its stake in shares of ITT Inc. (NYSE:ITT) by 0.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 95,234 shares of the conglomerate’s stock after selling 218 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ITT were worth $15,100,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Jump Financial LLC increased its position in shares of ITT by 145.8% during the 1st quarter. Jump Financial LLC now owns 17,152 shares of the conglomerate’s stock valued at $2,215,000 after purchasing an additional 10,173 shares during the last quarter. GSA Capital Partners LLP purchased a new position in ITT during the first quarter worth $609,000. XTX Topco Ltd purchased a new position in ITT during the first quarter worth $1,214,000. Charles Schwab Investment Management Inc. increased its position in ITT by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate’s stock valued at $67,449,000 after acquiring an additional 4,905 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in shares of ITT by 10.2% in the first quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate’s stock valued at $3,853,000 after acquiring an additional 2,765 shares during the period. 91.59% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $5,994,792.60. Following the transaction, the chief executive officer directly owned 297,536 shares in the company, valued at approximately $49,022,031.36. This trade represents a 10.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ITT shares. Weiss Ratings restated a “buy (b)” rating on shares of ITT in a report on Wednesday, October 8th. TD Cowen raised their price objective on shares of ITT from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. KeyCorp boosted their target price on ITT from $192.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Stifel Nicolaus upped their target price on ITT from $197.00 to $202.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, UBS Group increased their price target on ITT from $168.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ITT presently has an average rating of “Moderate Buy” and an average target price of $190.89.

ITT Stock Up 1.1%

Shares of ITT stock opened at $172.83 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. The stock has a market cap of $13.48 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 2.11 and a beta of 1.38. The firm’s 50-day moving average is $173.87 and its two-hundred day moving average is $156.70. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $185.57.

ITT (NYSE:ITT) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, beating the consensus estimate of $1.62 by $0.02. ITT had a net margin of 13.99% and a return on equity of 18.08%. The business had revenue of $972.40 million during the quarter, compared to analyst estimates of $947.48 million. During the same quarter in the previous year, the business posted $1.49 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, research analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. ITT’s dividend payout ratio (DPR) is 22.01%.

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.