ITT Inc. $ITT Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its holdings in ITT Inc. by 10.2%, selling 7,738 shares during the first quarter, and now owns 67,909 shares valued at $8,771,000.
• CEO Luca Savi sold 36,385 shares at an average price of $164.76, resulting in a total transaction value of approximately $5.99 million, which decreased his position by 10.90%.
• Analysts maintain a positive outlook on ITT, with multiple upgrades to "buy" ratings and a target price increase, reflecting a consensus average target price of $179.22.

Comerica Bank lessened its holdings in shares of ITT Inc. (NYSE:ITT - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,909 shares of the conglomerate's stock after selling 7,738 shares during the period. Comerica Bank owned approximately 0.09% of ITT worth $8,771,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Nuveen LLC purchased a new stake in ITT in the first quarter valued at about $156,406,000. T. Rowe Price Investment Management Inc. increased its holdings 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 in the last quarter. Select Equity Group L.P. increased its holdings in shares of ITT by 7.7% during the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate's stock valued at $652,237,000 after acquiring an additional 326,947 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ITT by 13,886.0% in the 1st quarter. GAMMA Investing LLC now owns 214,406 shares of the conglomerate's stock valued at $27,693,000 after purchasing an additional 212,873 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in ITT in the 4th quarter worth approximately $27,614,000. Institutional investors and hedge funds own 91.59% of the company's stock.

Insider Buying and Selling

In other news, CEO Luca Savi sold 36,385 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the sale, the chief executive officer owned 297,536 shares of the company's stock, valued at $49,022,031.36. This trade represents a 10.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ITT shares. The Goldman Sachs Group boosted their target price on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Stifel Nicolaus lifted their price objective on shares of ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. DA Davidson set a $190.00 target price on ITT and gave the company a "buy" rating in a research report on Monday, August 4th. Citigroup reaffirmed a "buy" rating and set a $186.00 price target (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. Finally, UBS Group boosted their price target on ITT from $168.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $182.78.

ITT Stock Performance

NYSE:ITT traded down $0.95 during mid-day trading on Tuesday, hitting $169.30. The company's stock had a trading volume of 286,171 shares, compared to its average volume of 288,419. The business's fifty day moving average is $163.27 and its two-hundred day moving average is $148.01. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 26.62, a PEG ratio of 2.10 and a beta of 1.39. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $174.73.

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

ITT Dividend Announcement

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