Entropy Technologies LP Purchases 12,837 Shares of ITT Inc. (NYSE:ITT)

Key Points

• Entropy Technologies LP raised its holdings in ITT Inc. by 151.9%, now owning $2.75 million worth of shares after acquiring an additional 12,837 shares in the first quarter.
• Institutional investors dominate ITT’s ownership with 91.59% of shares held by large investment firms, indicating strong institutional interest.
• ITT recently reported earnings of $1.64 EPS, exceeding analyst expectations, and announced a quarterly dividend of $0.351 per share, highlighting the company's profitability and commitment to returning value to shareholders.

Entropy Technologies LP lifted its stake in ITT Inc. (NYSE:ITT - Free Report) by 151.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,286 shares of the conglomerate's stock after acquiring an additional 12,837 shares during the quarter. Entropy Technologies LP's holdings in ITT were worth $2,749,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ITT. Merit Financial Group LLC acquired a new position in ITT in the 1st quarter worth about $273,000. Sequoia Financial Advisors LLC increased its holdings in ITT by 10.2% in the first quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock worth $3,853,000 after buying an additional 2,765 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in ITT in the first quarter valued at approximately $609,000. XTX Topco Ltd bought a new stake in ITT in the first quarter worth approximately $1,214,000. Finally, Liberty Wealth Management LLC acquired a new position in shares of ITT during the 1st quarter worth $4,555,000. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

ITT Stock Performance

Shares of NYSE ITT traded down $3.19 during mid-day trading on Thursday, hitting $167.59. The company had a trading volume of 132,949 shares, compared to its average volume of 511,995. ITT Inc. has a 12 month low of $105.64 and a 12 month high of $171.57. The firm has a market cap of $13.07 billion, a P/E ratio of 26.34, a PEG ratio of 2.09 and a beta of 1.38. The business's 50-day simple moving average is $158.42 and its 200-day simple moving average is $145.95. 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 announced its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.02. The company had revenue of $972.40 million for 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%. ITT's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.49 EPS. As a group, analysts predict that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. DA Davidson set a $190.00 price objective on shares of ITT and gave the stock a "buy" rating in a report on Monday, August 4th. The Goldman Sachs Group increased their price target on ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. Stifel Nicolaus lifted their price target on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Citigroup reiterated a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Finally, Bank of America boosted their target price on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, ITT currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.22.

Insider Transactions at ITT

In other ITT news, CEO Luca Savi sold 36,385 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 297,536 shares in the company, 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 Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by company insiders.

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.