Channing Capital Management LLC Decreases Stake in ITT Inc. $ITT

Key Points

• Channing Capital Management LLC reduced its stake in ITT Inc. by 4.0%, now holding 78,773 shares valued at approximately $10.17 million after selling 3,251 shares during the first quarter.
• Analysts have increased their price targets for ITT, with Stifel Nicolaus raising it to $202.00 and Citigroup to $186.00, indicating a strong positive sentiment towards the stock.
• ITT recently declared a quarterly dividend of $0.351 per share, which is set to be paid on September 29th, resulting in an annualized yield of 0.8%.

Channing Capital Management LLC cut its holdings in ITT Inc. (NYSE:ITT - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,773 shares of the conglomerate's stock after selling 3,251 shares during the quarter. Channing Capital Management LLC owned 0.10% of ITT worth $10,174,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ITT. Mariner LLC boosted its stake in shares of ITT by 8.6% in the fourth quarter. Mariner LLC now owns 15,386 shares of the conglomerate's stock valued at $2,198,000 after buying an additional 1,221 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in ITT by 12.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the conglomerate's stock worth $2,886,000 after purchasing an additional 2,200 shares in the last quarter. Forum Financial Management LP purchased a new stake in ITT during the fourth quarter worth $203,000. MetLife Investment Management LLC grew its holdings in ITT by 8.8% in the fourth quarter. MetLife Investment Management LLC now owns 45,958 shares of the conglomerate's stock valued at $6,566,000 after purchasing an additional 3,720 shares during the last quarter. Finally, Natixis purchased a new position in shares of ITT in the fourth quarter valued at $1,042,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ITT has been the subject of several research reports. Stifel Nicolaus lifted their price target on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Citigroup reaffirmed a "buy" rating and set a $186.00 price target (up previously from $159.00) on shares of ITT in a research note on Monday, July 14th. Bank of America lifted their price target on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, DA Davidson set a $190.00 price target on ITT and gave the stock a "buy" rating in a research note on Monday, August 4th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, ITT has an average rating of "Moderate Buy" and a consensus price target of $179.22.

Insider Buying and Selling

In related news, CEO Luca Savi sold 36,385 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $5,994,792.60. Following the completion of the transaction, the chief executive officer directly owned 297,536 shares in the company, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.47% of the company's stock.

ITT Stock Performance

NYSE ITT opened at $165.4620 on Thursday. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57. The stock has a market cap of $12.91 billion, a price-to-earnings ratio of 26.02, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38. The business has a fifty day moving average of $159.89 and a 200-day moving average of $146.57. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24.

ITT (NYSE:ITT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. ITT had a return on equity of 18.08% and a net margin of 13.99%.The company had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. During the same period in the previous year, the firm posted $1.49 earnings per share. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, analysts predict that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be issued a $0.351 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. ITT's payout ratio is 22.01%.

ITT Company 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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