VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in ITT Inc. $ITT

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in ITT Inc. (NYSE:ITT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 10,158 shares of the conglomerate’s stock, valued at approximately $1,593,000.

Several other hedge funds have also modified their holdings of the business. Select Equity Group L.P. lifted its holdings in shares of ITT by 4.4% in the 1st quarter. Select Equity Group L.P. now owns 4,765,602 shares of the conglomerate’s stock valued at $615,525,000 after buying an additional 200,676 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in ITT by 97.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,835,894 shares of the conglomerate’s stock worth $237,125,000 after purchasing an additional 904,654 shares during the last quarter. Nuveen LLC acquired a new position in ITT during the first quarter worth $156,406,000. Findlay Park Partners LLP raised its holdings in ITT by 94.7% during the first quarter. Findlay Park Partners LLP now owns 795,600 shares of the conglomerate’s stock worth $102,760,000 after purchasing an additional 387,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in ITT by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate’s stock worth $67,449,000 after purchasing an additional 4,905 shares during the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Stock Performance

ITT opened at $172.27 on Thursday. The firm has a market cap of $13.44 billion, a PE ratio of 27.09, a P/E/G ratio of 2.15 and a beta of 1.38. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $174.13 and a 200-day simple moving average of $157.76. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $185.57.

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

ITT Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ITT. TD Cowen lifted their price objective on ITT from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. UBS Group lifted their price objective on ITT from $168.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Cowen reaffirmed a “buy” rating on shares of ITT in a report on Thursday, October 2nd. DA Davidson set a $190.00 price target on ITT and gave the stock a “buy” rating in a research report on Monday, August 4th. Finally, Bank of America raised their price target on ITT from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $191.00.

Insider Activity

In related news, CEO Luca Savi sold 36,385 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.47% of the company’s stock.

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.