Cubist Systematic Strategies LLC Buys 35,037 Shares of ITT Inc. $ITT

Key Points

• Cubist Systematic Strategies LLC increased its stake in ITT Inc. by 403.0%, acquiring an additional 35,037 shares, bringing its total holdings to 43,730 shares valued at approximately $5.65 million.
• Analysts have a positive outlook on ITT, with several firms raising their price targets; Goldman Sachs increased their target from $160 to $177, and the consensus price target is now set at $182.78.
• The company declared a quarterly dividend of $0.351 per share, translating to an annualized dividend of $1.40 and a dividend yield of 0.8%, reflecting a dividend payout ratio of 22.01%.

Cubist Systematic Strategies LLC lifted its stake in ITT Inc. (NYSE:ITT - Free Report) by 403.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,730 shares of the conglomerate's stock after purchasing an additional 35,037 shares during the period. Cubist Systematic Strategies LLC owned 0.06% of ITT worth $5,648,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP increased its holdings in shares of ITT by 273.4% in the first quarter. Quarry LP now owns 926 shares of the conglomerate's stock valued at $120,000 after purchasing an additional 678 shares in the last quarter. DRW Securities LLC acquired a new stake in shares of ITT in the first quarter valued at approximately $337,000. Vident Advisory LLC increased its holdings in shares of ITT by 24.9% in the first quarter. Vident Advisory LLC now owns 3,788 shares of the conglomerate's stock valued at $489,000 after purchasing an additional 755 shares in the last quarter. State of Wyoming increased its holdings in shares of ITT by 34.2% in the first quarter. State of Wyoming now owns 3,007 shares of the conglomerate's stock valued at $388,000 after purchasing an additional 766 shares in the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of ITT in the first quarter valued at approximately $7,239,000. Institutional investors and hedge funds own 91.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. KeyCorp raised their price target on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Citigroup reaffirmed a "buy" rating and set a $186.00 target price (up previously from $159.00) on shares of ITT in a report on Monday, July 14th. Bank of America lifted their target price on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. Finally, Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $182.78.

Insider Buying and Selling at ITT

In other news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction 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 transaction, the chief executive officer directly owned 297,536 shares of the company's stock, valued at $49,022,031.36. This trade represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.47% of the stock is currently owned by corporate insiders.

ITT Price Performance

ITT opened at $168.25 on Thursday. The company has a fifty day moving average price of $163.54 and a two-hundred day moving average price of $148.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. ITT Inc. has a 52 week low of $105.64 and a 52 week high of $174.73. The firm has a market capitalization of $13.12 billion, a PE ratio of 26.45, a P/E/G ratio of 2.10 and a beta of 1.39.

ITT (NYSE:ITT - Get Free Report) last announced 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. The company had revenue of $972.40 million for the quarter, compared to analysts' expectations of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.351 per share. 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 dividend payout ratio (DPR) is currently 22.01%.

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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