Alliancebernstein L.P. Sells 204,736 Shares of ITT Inc. $ITT

Key Points

• Alliancebernstein L.P. has reduced its stake in ITT Inc. by 15.0%, now owning 1.161 million shares valued at approximately $150 million.
• ITT recently announced quarterly earnings of $1.64 per share, surpassing analyst expectations, with total revenue of $972.4 million, reflecting a 7.3% increase year-over-year.
• Analysts have boosted their price targets for ITT, with UBS raising it to $200.00, reflecting a generally positive outlook on the company’s performance.

Alliancebernstein L.P. cut its holdings in shares of ITT Inc. (NYSE:ITT - Free Report) by 15.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,161,840 shares of the conglomerate's stock after selling 204,736 shares during the period. Alliancebernstein L.P. owned about 1.48% of ITT worth $150,063,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of ITT. Mercer Global Advisors Inc. ADV grew its holdings in shares of ITT by 86.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,383 shares of the conglomerate's stock worth $626,000 after purchasing an additional 2,033 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in ITT by 255.7% during the 4th quarter. BNP Paribas Financial Markets now owns 95,972 shares of the conglomerate's stock worth $13,712,000 after acquiring an additional 68,989 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in ITT in the 4th quarter valued at about $10,976,000. Baird Financial Group Inc. raised its stake in shares of ITT by 9.3% in the fourth quarter. Baird Financial Group Inc. now owns 2,972 shares of the conglomerate's stock worth $425,000 after acquiring an additional 252 shares during the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of ITT by 106.6% during the fourth quarter. Captrust Financial Advisors now owns 25,398 shares of the conglomerate's stock worth $3,629,000 after purchasing an additional 13,105 shares in the last quarter. Institutional investors own 91.59% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America raised their price target on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, May 21st. Citigroup reiterated a "buy" rating and issued a $186.00 price objective (up from $159.00) on shares of ITT in a research report on Monday, July 14th. KeyCorp lifted their target price on ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. DA Davidson set a $190.00 target price on ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. Finally, The Goldman Sachs Group raised 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. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $182.78.

ITT Trading Down 0.7%

Shares of ITT stock traded down $1.16 during trading on Friday, reaching $170.74. 254,201 shares of the company were exchanged, compared to its average volume of 272,553. The business has a 50-day moving average price of $164.07 and a 200-day moving average price of $148.46. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 26.85, a P/E/G ratio of 2.11 and a beta of 1.39. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. ITT Inc. has a twelve month low of $105.64 and a twelve month high of $174.73.

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

ITT Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a 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%.

Insider Buying and Selling

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 sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.47% of the company's stock.

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.