AlphaQuest LLC Buys 11,959 Shares of ITT Inc. $ITT

Key Points

• AlphaQuest LLC significantly increased its stake in ITT Inc. by 284.2%, purchasing an additional 11,959 shares during the first quarter, bringing their total holdings to 16,167 shares worth approximately $2.1 million.
• Multiple research firms have raised their price targets for ITT, with Bank of America setting a new target of $170.00 and DA Davidson setting it at $190.00, indicating strong confidence in the stock's potential growth.
• ITT recently announced a quarterly dividend of $0.351 per share, which will be paid on September 29, 2023, reflecting a commitment to returning value to shareholders.

AlphaQuest LLC increased its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 284.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,167 shares of the conglomerate's stock after buying an additional 11,959 shares during the quarter. AlphaQuest LLC's holdings in ITT were worth $2,088,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP boosted its position in ITT by 101.6% in the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after purchasing an additional 125 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in ITT in the fourth quarter worth $59,000. Versant Capital Management Inc boosted its position in ITT by 3,513.3% in the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after purchasing an additional 527 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in ITT by 13.1% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after purchasing an additional 87 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in ITT by 72.7% in the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock worth $103,000 after purchasing an additional 331 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ITT. Bank of America boosted their price objective on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. DA Davidson set a $190.00 price objective on ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. Stifel Nicolaus boosted their price objective on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Finally, KeyCorp increased their price target on ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $179.22.

ITT Stock Down 0.4%

ITT stock opened at $165.0420 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The company has a market capitalization of $12.87 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 2.04 and a beta of 1.38. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57. The stock has a fifty day moving average of $160.15 and a 200-day moving average of $146.69.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%.The firm's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 EPS. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, equities research analysts predict that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 0.9%. ITT's dividend payout ratio is 22.01%.

Insider Transactions at ITT

In related news, CEO Luca Savi sold 36,385 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 297,536 shares of the company's stock, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.47% of the company's stock.

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.

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