Bank of America Corp DE Buys 152,635 Shares of ITT Inc. $ITT

Key Points

• Bank of America increased its ITT stake by 20.4%, purchasing 152,635 shares to bring its holdings to 902,638 shares valued at approximately $172 million. Institutional investors collectively own 91.59% of ITT.
• ITT reported quarterly earnings of $1.98 per share and revenue of $1.21 billion, exceeding analyst estimates; revenue rose 32.7% year over year.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $234.75 versus the stock’s reported $204.08 price. An ITT insider separately sold 7,123 shares at an average price of $208.27.

Bank of America Corp DE boosted its position in shares of ITT Inc. (NYSE:ITT - Free Report) by 20.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 902,638 shares of the conglomerate's stock after purchasing an additional 152,635 shares during the quarter. Bank of America Corp DE owned about 1.01% of ITT worth $171,980,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Diversified Trust Co purchased a new stake in shares of ITT in the 1st quarter valued at $2,478,000. TimesSquare Capital Management LLC raised its holdings in shares of ITT by 10.3% during the fourth quarter. TimesSquare Capital Management LLC now owns 226,700 shares of the conglomerate's stock worth $39,335,000 after purchasing an additional 21,200 shares during the last quarter. Payden & Rygel lifted its position in ITT by 34.7% during the fourth quarter. Payden & Rygel now owns 112,500 shares of the conglomerate's stock valued at $19,520,000 after purchasing an additional 29,000 shares during the period. Allspring Global Investments Holdings LLC lifted its position in ITT by 15.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 110,200 shares of the conglomerate's stock valued at $21,264,000 after purchasing an additional 15,004 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in ITT by 7.9% in the fourth quarter. Vanguard Group Inc. now owns 8,460,467 shares of the conglomerate's stock valued at $1,467,976,000 after purchasing an additional 620,217 shares during the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

ITT Price Performance

Shares of ITT stock opened at $204.08 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.53 and a debt-to-equity ratio of 0.71. ITT Inc. has a twelve month low of $163.30 and a twelve month high of $225.26. The business has a 50-day moving average price of $193.37 and a 200 day moving average price of $196.68. The firm has a market cap of $18.24 billion, a PE ratio of 35.99, a P/E/G ratio of 1.93 and a beta of 1.27.

ITT (NYSE:ITT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.21. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.12 billion. ITT had a return on equity of 16.83% and a net margin of 10.80%.The business's quarterly revenue was up 32.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.45 EPS. Sell-side analysts predict that ITT Inc. will post 7.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ITT shares. Citigroup increased their price target on ITT from $252.00 to $254.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. DA Davidson boosted their price objective on ITT from $245.00 to $255.00 and gave the company a "buy" rating in a report on Monday, May 11th. Barclays upped their target price on ITT from $210.00 to $230.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 7th. Robert W. Baird set a $246.00 price target on ITT in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded ITT from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $234.75.

Insider Activity at ITT

In related news, insider Lori B. Marino sold 7,123 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $208.27, for a total transaction of $1,483,507.21. Following the completion of the sale, the insider directly owned 8,729 shares in the company, valued at approximately $1,817,988.83. The trade was a 44.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company's stock.

About ITT

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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