Synovus Financial Corp Has $1.51 Million Holdings in ITT Inc. $ITT

Key Points

• Synovus Financial Corp increased its holdings in ITT Inc. by 15.2% in the first quarter, now owning 11,686 shares valued at approximately $1.5 million.
• ITT Inc. reported $1.64 EPS for the last quarter, exceeding analysts' expectations, with a revenue of $972.4 million, marking a year-over-year increase of 7.3%.
• The company announced a quarterly dividend of $0.351 per share, set to be paid on September 29th, representing an annualized dividend yield of 0.8%.

Synovus Financial Corp raised its holdings in ITT Inc. (NYSE:ITT - Free Report) by 15.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,686 shares of the conglomerate's stock after purchasing an additional 1,546 shares during the period. Synovus Financial Corp's holdings in ITT were worth $1,509,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ITT. Quarry LP lifted its stake in shares of ITT by 101.6% during the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after purchasing an additional 125 shares during the period. Kapitalo Investimentos Ltda purchased a new stake in ITT during the 4th quarter worth $59,000. Versant Capital Management Inc increased its holdings in ITT by 3,513.3% during the 1st quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after purchasing an additional 527 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its position in shares of ITT by 13.1% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after purchasing an additional 87 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in shares of ITT by 72.7% in the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock valued at $103,000 after acquiring an additional 331 shares during the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ITT

In related news, CEO Luca Savi sold 36,385 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 297,536 shares in the company, valued at approximately $49,022,031.36. The trade was a 10.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.47% of the company's stock.

ITT Price Performance

Shares of NYSE:ITT traded down $2.53 during midday trading on Friday, reaching $170.10. The company's stock had a trading volume of 244,844 shares, compared to its average volume of 338,713. The business's fifty day simple moving average is $162.66 and its 200-day simple moving average is $147.71. The company has a market capitalization of $13.27 billion, a P/E ratio of 26.75, a P/E/G ratio of 2.10 and a beta of 1.38. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $174.73. 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 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. ITT had a return on equity of 18.08% and a net margin of 13.99%.The firm had revenue of $972.40 million during the quarter, compared to analyst estimates of $947.48 million. During the same period last year, the company earned $1.49 earnings per share. The company's revenue was up 7.3% on a year-over-year basis. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, equities research analysts expect that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The business 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 dividend of $0.351 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 2nd. ITT's payout ratio is presently 22.01%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ITT shares. DA Davidson set a $190.00 price objective on ITT and gave the stock a "buy" rating in a research note 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 research report on Monday, May 19th. Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. KeyCorp lifted their target price on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Citigroup reiterated a "buy" rating and set a $186.00 price target (up from $159.00) on shares of ITT in a report on Monday, July 14th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, ITT currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.22.

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.