MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Decreases Stake in ITT Inc. $ITT

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in shares of ITT Inc. (NYSE:ITT) by 22.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,219 shares of the conglomerate’s stock after selling 7,899 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in ITT were worth $3,516,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Jump Financial LLC boosted its holdings in ITT by 145.8% in the first 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 stake in ITT during the 1st quarter worth approximately $609,000. XTX Topco Ltd purchased a new stake in ITT during the 1st quarter worth approximately $1,214,000. Charles Schwab Investment Management Inc. increased its holdings in 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 purchasing an additional 4,905 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of ITT in the 1st quarter worth approximately $273,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ITT 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 transaction of $5,994,792.60. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ITT. UBS Group raised their target price on shares of ITT from $168.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Stifel Nicolaus upped their target price on shares of ITT from $197.00 to $202.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Bank of America upped their target price 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. KeyCorp upped their target price on shares of ITT from $192.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Citigroup restated a “buy” rating and issued a $186.00 target price (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, ITT presently has a consensus rating of “Moderate Buy” and an average target price of $183.67.

ITT Stock Down 0.4%

Shares of ITT stock opened at $177.69 on Friday. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 2.20 and a beta of 1.39. 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 50-day simple moving average of $165.61 and a 200-day simple moving average of $149.53. ITT Inc. has a 52-week low of $105.64 and a 52-week high of $178.69.

ITT (NYSE:ITT) last posted 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 analysts’ expectations of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%.The firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 EPS. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. On average, equities research analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

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

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.