Bank of Montreal Can Decreases Stock Position in ITT Inc. $ITT

Bank of Montreal Can trimmed its position in shares of ITT Inc. (NYSE:ITT) by 12.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,788 shares of the conglomerate’s stock after selling 2,180 shares during the quarter. Bank of Montreal Can’s holdings in ITT were worth $2,476,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc boosted its stake in ITT by 26.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate’s stock worth $76,000 after purchasing an additional 101 shares during the last quarter. Assetmark Inc. lifted its stake in shares of ITT by 31.7% in the second quarter. Assetmark Inc. now owns 503 shares of the conglomerate’s stock worth $79,000 after buying an additional 121 shares in the last quarter. Cullen Frost Bankers Inc. lifted its stake in shares of ITT by 2,777.8% in the second quarter. Cullen Frost Bankers Inc. now owns 518 shares of the conglomerate’s stock worth $81,000 after buying an additional 500 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in ITT by 341.1% during the first quarter. Geneos Wealth Management Inc. now owns 913 shares of the conglomerate’s stock worth $118,000 after acquiring an additional 706 shares during the last quarter. Finally, Quarry LP grew its stake in ITT by 273.4% during the 1st quarter. Quarry LP now owns 926 shares of the conglomerate’s stock valued at $120,000 after acquiring an additional 678 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Cowen reissued a “buy” rating on shares of ITT in a research note 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 research report on Tuesday, September 2nd. KeyCorp upped their target price on ITT from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Wall Street Zen raised ITT from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. Finally, Bank of America boosted their price target on shares of ITT from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, ITT has an average rating of “Moderate Buy” and an average target price of $201.25.

Insider Buying and Selling at ITT

In other news, CFO Emmanuel Caprais sold 5,500 shares of ITT stock in a transaction on Friday, October 31st. The stock was sold at an average price of $185.23, for a total value of $1,018,765.00. Following the completion of the sale, the chief financial officer directly owned 36,830 shares of the company’s stock, valued at approximately $6,822,020.90. The trade was a 12.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mesa Graziano Cheryl De sold 238 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $183.08, for a total value of $43,573.04. Following the completion of the sale, the chief accounting officer owned 5,062 shares in the company, valued at $926,750.96. This represents a 4.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.47% of the company’s stock.

ITT Stock Down 0.6%

Shares of ITT opened at $189.41 on Thursday. The company’s 50-day moving average price is $179.00 and its 200 day moving average price is $164.46. ITT Inc. has a 12-month low of $105.64 and a 12-month high of $197.07. The company has a current ratio of 1.52, a quick ratio of 0.99 and a debt-to-equity ratio of 0.22. The firm has a market cap of $14.77 billion, a P/E ratio of 31.46, a price-to-earnings-growth ratio of 2.42 and a beta of 1.40.

ITT (NYSE:ITT) last announced its quarterly earnings results on Wednesday, October 29th. The conglomerate reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.11. The business had revenue of $999.10 million during the quarter, compared to analysts’ expectations of $973.69 million. ITT had a net margin of 12.67% and a return on equity of 18.96%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business earned $1.46 earnings per share. ITT has set its FY 2025 guidance at 6.620-6.680 EPS. On average, sell-side analysts forecast that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be paid a dividend of $0.351 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, December 1st. ITT’s dividend payout ratio is 23.26%.

About ITT

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.