Covea Finance Acquires 17,700 Shares of ITT Inc. $ITT

Key Points

• Covea Finance significantly increased its holdings in ITT Inc. by 88.5% during the 2nd quarter, acquiring an additional 17,700 shares, bringing its total ownership to 37,700 shares valued at approximately $5.91 million.
• CEO Luca Savi sold 36,385 shares at an average price of $164.76, reducing his position by 10.90%, yet maintaining ownership of 297,536 shares valued at over $49 million.
• ITT Inc. reported a quarterly revenue of $972.4 million, surpassing analyst expectations and showing a year-over-year increase of 7.3%, while also setting FY 2025 guidance for earnings per share between $6.350 and $6.550.

Covea Finance boosted its position in shares of ITT Inc. (NYSE:ITT - Free Report) by 88.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,700 shares of the conglomerate's stock after acquiring an additional 17,700 shares during the quarter. Covea Finance's holdings in ITT were worth $5,912,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Jump Financial LLC raised its holdings in ITT by 145.8% in the 1st quarter. Jump Financial LLC now owns 17,152 shares of the conglomerate's stock valued at $2,215,000 after buying an additional 10,173 shares during the last quarter. GSA Capital Partners LLP bought a new position in ITT during the 1st quarter valued at $609,000. XTX Topco Ltd bought a new stake in shares of ITT during the 1st quarter worth $1,214,000. Charles Schwab Investment Management Inc. raised its stake in ITT by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate's stock valued at $67,449,000 after acquiring an additional 4,905 shares during the period. Finally, Merit Financial Group LLC bought a new stake in ITT in the 1st quarter valued at about $273,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ITT

In related news, CEO Luca Savi sold 36,385 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the completion of the transaction, the chief executive officer owned 297,536 shares in the company, valued at $49,022,031.36. The trade was a 10.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.47% of the stock is currently owned by insiders.

ITT Stock Up 0.3%

Shares of ITT opened at $181.50 on Tuesday. The stock has a market capitalization of $14.16 billion, a price-to-earnings ratio of 28.54, a price-to-earnings-growth ratio of 2.23 and a beta of 1.39. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $185.57. The business's 50 day simple moving average is $168.39 and its 200-day simple moving average is $151.45. 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 (NYSE:ITT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.02. The business had revenue of $972.40 million for the quarter, compared to analysts' expectations of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%.The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.49 EPS. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, equities analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.351 per share. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ITT. Stifel Nicolaus boosted their price objective on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Citigroup reiterated a "buy" rating and issued a $186.00 price objective (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. KeyCorp boosted their price objective on ITT from $192.00 to $200.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Bank of America boosted their price objective on ITT from $190.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Finally, DA Davidson set a $190.00 price objective on ITT and gave the company a "buy" rating in a research report on Monday, August 4th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $188.11.

About ITT

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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