28,304 Shares in ITT Inc. $ITT Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia bought 28,304 ITT shares worth approximately $5.6 million in the second quarter. Institutional investors and hedge funds collectively own 91.59% of ITT.
• Analyst sentiment remains positive, with 10 Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and an average price target of $241.08.
• ITT exceeded quarterly expectations, reporting $2.08 in adjusted earnings per share on $1.47 billion in revenue, while revenue rose 51.5% year over year. The company also announced a quarterly dividend of $0.386 per share.

Bank of Nova Scotia purchased a new position in shares of ITT Inc. (NYSE:ITT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,304 shares of the conglomerate's stock, valued at approximately $5,597,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in ITT in the 2nd quarter valued at about $1,715,593,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of ITT by 55,929.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,518,405 shares of the conglomerate's stock valued at $263,458,000 after acquiring an additional 1,515,695 shares during the last quarter. Findlay Park Partners LLP purchased a new position in shares of ITT during the 2nd quarter worth about $276,395,000. Norges Bank acquired a new stake in shares of ITT in the fourth quarter worth approximately $194,884,000. Finally, Vanguard Group Inc. boosted its position in shares of ITT by 7.9% in the fourth quarter. Vanguard Group Inc. now owns 8,460,467 shares of the conglomerate's stock worth $1,467,976,000 after acquiring an additional 620,217 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

Insiders Place Their Bets

In other news, CAO Mesa Graziano Cheryl De sold 700 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $214.54, for a total transaction of $150,178.00. Following the completion of the transaction, the chief accounting officer owned 7,159 shares of the company's stock, valued at approximately $1,535,891.86. The trade was a 8.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ITT. DA Davidson increased their target price on shares of ITT from $255.00 to $265.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. KeyCorp lifted their price target on shares of ITT from $250.00 to $263.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Weiss Ratings downgraded shares of ITT from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. Robert W. Baird set a $246.00 price objective on shares of ITT in a research report on Thursday, May 7th. Finally, Citigroup raised their target price on shares of ITT from $254.00 to $267.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, ITT currently has a consensus rating of "Moderate Buy" and an average price target of $241.08.

ITT Trading Up 0.5%

NYSE:ITT opened at $205.96 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 0.60. The business's 50 day moving average is $199.45 and its two-hundred day moving average is $199.62. ITT Inc. has a 52 week low of $166.96 and a 52 week high of $230.32. The company has a market cap of $18.41 billion, a PE ratio of 40.38, a P/E/G ratio of 1.68 and a beta of 1.27.

ITT (NYSE:ITT - Get Free Report) last released its earnings results on Thursday, August 6th. The conglomerate reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.16. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.39 billion. ITT had a net margin of 8.90% and a return on equity of 15.90%. The firm's revenue for the quarter was up 51.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.64 earnings per share. ITT has set its FY 2026 guidance at 8.120-8.320 EPS. On average, analysts predict that ITT Inc. will post 8.25 EPS for the current year.

ITT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Tuesday, September 8th will be paid a dividend of $0.386 per share. This represents a $1.54 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, September 8th. ITT's dividend payout ratio is presently 30.20%.

ITT Company Profile

ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.

The company's operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.

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