Truist Financial Corp Purchases 1,022 Shares of ITT Inc. (NYSE:ITT)

Truist Financial Corp grew its position in ITT Inc. (NYSE:ITT) by 1.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 68,176 shares of the conglomerate’s stock after acquiring an additional 1,022 shares during the quarter. Truist Financial Corp’s holdings in ITT were worth $8,135,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of ITT. Bfsg LLC acquired a new stake in ITT in the 4th quarter worth approximately $73,000. GAMMA Investing LLC acquired a new stake in ITT in the 4th quarter worth approximately $94,000. Signaturefd LLC boosted its stake in ITT by 8.2% in the 4th quarter. Signaturefd LLC now owns 1,150 shares of the conglomerate’s stock worth $137,000 after purchasing an additional 87 shares in the last quarter. AIA Group Ltd boosted its stake in ITT by 104.4% in the 4th quarter. AIA Group Ltd now owns 19,411 shares of the conglomerate’s stock worth $2,316,000 after purchasing an additional 9,914 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ITT by 3.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,772 shares of the conglomerate’s stock worth $2,836,000 after purchasing an additional 822 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ITT has been the subject of a number of recent analyst reports. KeyCorp lifted their target price on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Citigroup lifted their price objective on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. StockNews.com cut shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lifted their price objective on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, DA Davidson lifted their price objective on shares of ITT from $140.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, March 26th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $135.57.

ITT Price Performance

NYSE:ITT opened at $128.28 on Friday. The firm has a market cap of $10.55 billion, a price-to-earnings ratio of 25.86, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. The company has a 50 day moving average price of $129.40 and a 200-day moving average price of $118.33. ITT Inc. has a 1-year low of $75.82 and a 1-year high of $138.29.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, May 2nd. The conglomerate reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. The company had revenue of $910.60 million during the quarter, compared to analyst estimates of $883.21 million. ITT had a net margin of 12.50% and a return on equity of 17.91%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.17 EPS. On average, sell-side analysts anticipate that ITT Inc. will post 5.8 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend is Monday, June 3rd. ITT’s payout ratio is presently 25.81%.

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.