ITT Inc. $ITT Holdings Lowered by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in ITT Inc. by 7.7%, selling 39,526 shares, and now holds approximately 0.61% of the company valued at about $61.57 million.
• Several institutional investors, including Mariner LLC and Canada Pension Plan Investment Board, shifted their positions in ITT, with Mariner increasing its stake by 8.6% last quarter.
• IPP Inc. reported a quarterly earnings per share of $1.64, beating the consensus estimate, while also announcing a quarterly dividend of $0.351 planned for September 29th.

Raymond James Financial Inc. trimmed its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 7.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 476,724 shares of the conglomerate's stock after selling 39,526 shares during the quarter. Raymond James Financial Inc. owned about 0.61% of ITT worth $61,574,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITT. Mariner LLC raised its position in shares of ITT by 8.6% during the 4th quarter. Mariner LLC now owns 15,386 shares of the conglomerate's stock worth $2,198,000 after buying an additional 1,221 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of ITT by 12.2% during the 4th quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the conglomerate's stock worth $2,886,000 after buying an additional 2,200 shares in the last quarter. Forum Financial Management LP bought a new stake in shares of ITT in the 4th quarter worth approximately $203,000. MetLife Investment Management LLC raised its holdings in shares of ITT by 8.8% in the 4th quarter. MetLife Investment Management LLC now owns 45,958 shares of the conglomerate's stock worth $6,566,000 after purchasing an additional 3,720 shares in the last quarter. Finally, Natixis bought a new stake in shares of ITT in the 4th quarter worth approximately $1,042,000. 91.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. KeyCorp boosted their target price on shares of ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen upgraded shares of ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. Stifel Nicolaus boosted their target price on shares of ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a report on Friday, August 1st. 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 report on Monday, May 19th. Finally, DA Davidson set a $190.00 target price on shares of ITT and gave the stock a "buy" rating in a report on Monday, August 4th. 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 data from MarketBeat.com, ITT has an average rating of "Moderate Buy" and an average price target of $179.22.

ITT Stock Performance

ITT stock opened at $165.4620 on Thursday. The firm's 50 day simple moving average is $159.89 and its 200-day simple moving average is $146.57. The company has a market cap of $12.91 billion, a P/E ratio of 26.02, a price-to-earnings-growth ratio of 2.06 and a beta of 1.38. 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 fifty-two week low of $105.64 and a fifty-two week high of $171.57.

ITT (NYSE:ITT - Get Free Report) last released its earnings results 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 business had revenue of $972.40 million for the quarter, compared to the consensus estimate of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. The firm'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, equities research analysts predict that ITT Inc. will post 6.51 EPS for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be given a $0.351 dividend. This represents a $1.40 annualized dividend 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 22.01%.

Insider Buying and Selling at ITT

In other news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.47% of the stock is currently 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.

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