Assenagon Asset Management S.A. Raises Stock Holdings in ITT Inc. $ITT

Key Points

• Assenagon Asset Management S.A. increased its stake in ITT Inc. by 28.1% during the second quarter, owning 22,483 shares valued at approximately $3.53 million.
• Several institutional investors also upped their holdings in ITT, with T. Rowe Price increasing its position by 97.1% to own nearly 1.84 million shares valued at $237.13 million.
• Wall Street analysts have a positive outlook on ITT, with a consensus rating of "Moderate Buy" and an average price target of $188.11 following several target upgrades from different brokerages.

Assenagon Asset Management S.A. lifted its holdings in shares of ITT Inc. (NYSE:ITT - Free Report) by 28.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,483 shares of the conglomerate's stock after acquiring an additional 4,932 shares during the quarter. Assenagon Asset Management S.A.'s holdings in ITT were worth $3,526,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Select Equity Group L.P. increased its position in shares of ITT by 4.4% during the first quarter. Select Equity Group L.P. now owns 4,765,602 shares of the conglomerate's stock valued at $615,525,000 after acquiring an additional 200,676 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of ITT by 97.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,835,894 shares of the conglomerate's stock valued at $237,125,000 after acquiring an additional 904,654 shares during the last quarter. Nuveen LLC purchased a new stake in shares of ITT during the first quarter valued at approximately $156,406,000. Findlay Park Partners LLP increased its position in shares of ITT by 94.7% during the first quarter. Findlay Park Partners LLP now owns 795,600 shares of the conglomerate's stock valued at $102,760,000 after acquiring an additional 387,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ITT by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate's stock valued at $67,449,000 after acquiring an additional 4,905 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ITT. UBS Group increased their price target on ITT from $168.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Stifel Nicolaus raised their target price on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. KeyCorp raised their target price on ITT from $192.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Citigroup reissued a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. Finally, Bank of America raised their target price on ITT from $190.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, September 16th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, ITT has a consensus rating of "Moderate Buy" and an average price target of $188.11.

Insider Transactions at ITT

In related 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 sale, the chief executive officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.47% of the company's stock.

ITT Price Performance

Shares of NYSE ITT opened at $175.99 on Thursday. The stock has a market cap of $13.73 billion, a PE ratio of 27.67, a price-to-earnings-growth ratio of 2.19 and a beta of 1.39. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $185.57. 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 stock has a fifty day moving average of $169.18 and a 200-day moving average of $151.80.

ITT (NYSE:ITT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.02. The company 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 quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 earnings per share. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. Equities research analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.351 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a yield of 0.8%. ITT's dividend payout ratio (DPR) is currently 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.

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