Bank of America Corp DE Acquires Shares of 877,004 ITT Inc. $ITT

Bank of America Corp DE acquired a new position in ITT Inc. (NYSE:ITT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 877,004 shares of the conglomerate's stock, valued at approximately $173,436,000. Bank of America Corp DE owned 0.98% of ITT at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of ITT in the second quarter worth about $28,000. Elyxium Wealth LLC purchased a new position in ITT during the fourth quarter valued at approximately $29,000. Bayban acquired a new position in ITT in the fourth quarter valued at approximately $31,000. Trust Co. of Vermont acquired a new position in ITT in the second quarter valued at approximately $33,000. Finally, Ascentis Independent Advisors purchased a new stake in ITT in the 1st quarter worth approximately $42,000. Hedge funds and other institutional investors own 91.59% of the company's stock.

ITT Trading Up 4.4%

Shares of ITT stock opened at $203.12 on Friday. The firm has a market capitalization of $18.16 billion, a PE ratio of 39.83, a P/E/G ratio of 1.59 and a beta of 1.27. ITT Inc. has a twelve month low of $166.96 and a twelve month high of $230.32. The firm's 50-day moving average price is $202.54 and its 200 day moving average price is $199.32. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 0.60.

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. ITT had a return on equity of 15.90% and a net margin of 8.90%.The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the business posted $1.64 earnings per share. The business's quarterly revenue was up 51.5% compared to the same quarter last year. ITT has set its FY 2026 guidance at 8.120-8.320 EPS. On average, sell-side analysts predict that ITT Inc. will post 8.25 EPS for the current fiscal year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.386 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. ITT's dividend payout ratio is presently 30.20%.

Insider Transactions at ITT

In other ITT news, CEO Luca Savi purchased 5,019 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average cost of $199.56 per share, for a total transaction of $1,001,591.64. Following the completion of the transaction, the chief executive officer owned 267,373 shares of the company's stock, valued at $53,356,955.88. The trade was a 1.91% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Graziano De sold 700 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $214.54, for a total transaction of $150,178.00. Following the sale, the chief accounting officer directly owned 7,159 shares of the company's stock, valued at approximately $1,535,891.86. This represents a 8.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Weiss Ratings raised shares of ITT from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, September 4th. Stifel Nicolaus increased their price target on shares of ITT from $246.00 to $250.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Wolfe Research assumed coverage on shares of ITT in a research report on Tuesday. They set an "outperform" rating and a $272.00 price target on the stock. DA Davidson lifted their price objective on shares of ITT from $255.00 to $265.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $273.00 price objective on shares of ITT in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, ITT presently has an average rating of "Moderate Buy" and an average price target of $252.60.

ITT Profile

ITT Inc is a diversified industrial manufacturer that develops and produces highly engineered components and systems for transportation, energy, industrial, aerospace and defense, and other specialized markets. The company serves original equipment manufacturers, distributors and aftermarket customers through a portfolio of mission-critical products designed to support safety, efficiency and reliability.

ITT operates through three primary business segments. Motion Technologies supplies brake pads, friction materials, shock absorbers, dampers and related components for automotive and rail applications.

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