Assenagon Asset Management S.A. Sells 83,441 Shares of ITT Inc. $ITT

Key Points

• Assenagon Asset Management cut its ITT position by 72.9% in the first quarter, selling 83,441 shares and leaving it with 30,985 shares worth about $5.9 million.
• ITT reported better-than-expected Q1 results, posting EPS of $1.98 versus the $1.77 consensus and revenue of $1.21 billion, up 32.7% year over year.
• The company also raised confidence with a quarterly dividend of $0.386 per share and maintained a generally positive analyst outlook, with a consensus rating of Moderate Buy and an average price target of $234.91.

Assenagon Asset Management S.A. decreased its holdings in ITT Inc. (NYSE:ITT - Free Report) by 72.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,985 shares of the conglomerate's stock after selling 83,441 shares during the quarter. Assenagon Asset Management S.A.'s holdings in ITT were worth $5,904,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Capital International Investors boosted its holdings in ITT by 3.0% during the fourth quarter. Capital International Investors now owns 8,797,165 shares of the conglomerate's stock valued at $1,526,421,000 after purchasing an additional 258,936 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of ITT by 7.9% during the 4th quarter. Vanguard Group Inc. now owns 8,460,467 shares of the conglomerate's stock worth $1,467,976,000 after buying an additional 620,217 shares during the period. State Street Corp boosted its stake in ITT by 7.4% in the 4th quarter. State Street Corp now owns 2,546,710 shares of the conglomerate's stock valued at $441,880,000 after buying an additional 175,367 shares in the last quarter. Geode Capital Management LLC grew its position in ITT by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 1,614,929 shares of the conglomerate's stock valued at $280,267,000 after acquiring an additional 217,360 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in ITT by 55,929.7% in the fourth 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 period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Trading Up 0.1%

Shares of ITT opened at $193.20 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.53. The company has a market cap of $17.27 billion, a price-to-earnings ratio of 34.07, a PEG ratio of 1.81 and a beta of 1.27. The stock has a fifty day moving average price of $200.99 and a two-hundred day moving average price of $193.41. ITT Inc. has a 52-week low of $154.29 and a 52-week high of $225.26.

ITT (NYSE:ITT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The conglomerate reported $1.98 EPS for the quarter, topping the consensus estimate of $1.77 by $0.21. ITT had a return on equity of 16.83% and a net margin of 10.80%.The company had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the prior year, the business earned $1.45 earnings per share. The business's revenue for the quarter was up 32.7% on a year-over-year basis. ITT has set its FY 2026 guidance at 7.700-8.000 EPS. Analysts predict that ITT Inc. will post 7.91 EPS for the current fiscal year.

ITT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 6th. Shareholders of record on Monday, June 8th will be issued a dividend of $0.386 per share. The ex-dividend date of this dividend is Monday, June 8th. This represents a $1.54 dividend on an annualized basis and a yield of 0.8%. ITT's dividend payout ratio is currently 27.16%.

Insider Transactions at ITT

In related news, CAO Mesa Graziano Cheryl De sold 200 shares of the business's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $208.41, for a total value of $41,682.00. Following the completion of the transaction, the chief accounting officer owned 7,859 shares in the company, valued at $1,637,894.19. The trade was a 2.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lori B. Marino sold 7,123 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $208.27, for a total value of $1,483,507.21. Following the transaction, the insider directly owned 8,729 shares in the company, valued at approximately $1,817,988.83. This represents a 44.93% decrease in their position. The SEC filing for this sale provides additional information. 0.88% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen cut ITT from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. BMO Capital Markets started coverage on shares of ITT in a report on Friday, March 27th. They issued an "outperform" rating and a $233.00 target price on the stock. Barclays increased their target price on shares of ITT from $210.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Stifel Nicolaus set a $246.00 price target on shares of ITT in a research report on Thursday, May 7th. Finally, DA Davidson upped their price objective on shares of ITT from $245.00 to $255.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $234.91.

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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