Royal Bank of Canada Trims Position in ITT Inc. $ITT

Royal Bank of Canada decreased its position in shares of ITT Inc. (NYSE:ITT) by 7.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 92,622 shares of the conglomerate’s stock after selling 7,687 shares during the period. Royal Bank of Canada owned 0.12% of ITT worth $11,963,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Jump Financial LLC lifted its stake in shares of ITT by 145.8% during the first quarter. Jump Financial LLC now owns 17,152 shares of the conglomerate’s stock valued at $2,215,000 after buying an additional 10,173 shares during the period. GSA Capital Partners LLP purchased a new position in shares of ITT during the 1st quarter worth about $609,000. XTX Topco Ltd purchased a new position in shares of ITT during the 1st quarter worth about $1,214,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of ITT by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate’s stock worth $67,449,000 after acquiring an additional 4,905 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of ITT during the 1st quarter worth about $273,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ITT. KeyCorp upped their price target on shares of ITT from $180.00 to $192.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. UBS Group upped their price target on shares of ITT from $168.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, September 2nd. Citigroup reaffirmed a “buy” rating and set a $186.00 price target (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. Bank of America upped their price target on shares of ITT from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, May 21st. Finally, The Goldman Sachs Group upped their price target on shares of ITT from $160.00 to $177.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $182.78.

Insiders Place Their Bets

In related news, CEO Luca Savi sold 36,385 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were 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 of the company’s stock, valued at approximately $49,022,031.36. This trade represents a 10.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.47% of the company’s stock.

ITT Price Performance

ITT stock opened at $178.32 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. ITT Inc. has a 52-week low of $105.64 and a 52-week high of $178.69. The firm has a fifty day moving average of $165.28 and a 200-day moving average of $149.27. The firm has a market capitalization of $13.91 billion, a P/E ratio of 28.04, a PEG ratio of 2.15 and a beta of 1.39.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (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 company had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. During the same quarter last year, the company earned $1.49 earnings per share. ITT’s revenue for the quarter was up 7.3% on a year-over-year basis. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, analysts predict that ITT Inc. will post 6.51 EPS for the current year.

ITT Dividend Announcement

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

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.