Fifth Third Bancorp Raises Position in ITT Inc. $ITT

Key Points

• Fifth Third Bancorp dramatically increased its stake in ITT Inc. by 1,096.2% in the first quarter, ending with 26,472 shares valued at about $5.0 million.
• ITT reported better-than-expected Q1 earnings, posting $1.98 EPS on revenue of $1.21 billion, both above analyst estimates, with revenue up 32.7% year over year.
• Analysts remain broadly constructive on the stock, with a Moderate Buy consensus and an average price target of $234.42, even as insider selling and a recent 1.4% share decline were noted.

Fifth Third Bancorp grew its position in shares of ITT Inc. (NYSE:ITT - Free Report) by 1,096.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,472 shares of the conglomerate's stock after buying an additional 24,259 shares during the period. Fifth Third Bancorp's holdings in ITT were worth $5,044,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Candriam S.C.A. raised its stake in shares of ITT by 20.9% during the 1st quarter. Candriam S.C.A. now owns 48,094 shares of the conglomerate's stock valued at $9,163,000 after purchasing an additional 8,311 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of ITT by 500.6% in the first quarter. Hsbc Holdings PLC now owns 68,830 shares of the conglomerate's stock worth $12,984,000 after buying an additional 57,369 shares in the last quarter. Ibex Wealth Advisors purchased a new position in ITT during the first quarter valued at approximately $217,000. Kestra Advisory Services LLC increased its holdings in ITT by 63.4% during the 1st quarter. Kestra Advisory Services LLC now owns 5,250 shares of the conglomerate's stock worth $1,002,000 after acquiring an additional 2,037 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in ITT by 3.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 17,621 shares of the conglomerate's stock valued at $3,357,000 after purchasing an additional 557 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ITT

In related news, insider Lori B. Marino sold 7,123 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $208.27, for a total value of $1,483,507.21. Following the transaction, the insider directly owned 8,729 shares of the company's stock, valued at approximately $1,817,988.83. The trade was a 44.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mesa Graziano Cheryl De sold 200 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $208.41, for a total transaction of $41,682.00. Following the completion of the transaction, the chief accounting officer directly owned 7,859 shares in the company, valued at $1,637,894.19. This trade represents a 2.48% decrease in their position. The SEC filing for this sale provides additional information. 0.88% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on ITT shares. Barclays upped their target price on shares of ITT from $210.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. BMO Capital Markets assumed coverage on ITT in a research report on Friday, March 27th. They set an "outperform" rating and a $233.00 price target for the company. KeyCorp increased their price target on shares of ITT from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Wall Street Zen lowered shares of ITT from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Finally, Robert W. Baird set a $246.00 price objective on ITT in a research note on Thursday, May 7th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $234.42.

ITT Trading Down 1.4%

Shares of NYSE:ITT opened at $192.62 on Friday. The stock's 50-day simple moving average is $193.80 and its two-hundred day simple moving average is $194.98. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.53. The stock has a market capitalization of $17.22 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 1.84 and a beta of 1.27. ITT Inc. has a 52-week low of $155.58 and a 52-week high of $225.26.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.21. ITT had a net margin of 10.80% and a return on equity of 16.83%. The business had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter last year, the company posted $1.45 EPS. The company's revenue was up 32.7% compared to the same quarter last year. ITT has set its FY 2026 guidance at 7.700-8.000 EPS. Analysts expect that ITT Inc. will post 7.91 EPS for the current year.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, June 8th were paid a $0.386 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, June 8th. ITT's dividend payout ratio is presently 27.16%.

ITT Company Profile

ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.

The company's operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.

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