Ameriprise Financial Inc. Decreases Stock Holdings in ITT Inc. $ITT

Key Points

• Ameriprise Financial Inc. reduced its stake in ITT Inc. by 7.6% in the first quarter, now holding 779,119 shares valued at approximately $100.6 million.
• ITT reported $1.64 earnings per share for the last quarter, exceeding analysts' expectations and reflecting a 7.3% revenue increase from the same quarter last year.
• The company announced a quarterly dividend of $0.351 per share, to be paid on September 29th, equating to an annualized dividend yield of 0.8%.

Ameriprise Financial Inc. lowered its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 7.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 779,119 shares of the conglomerate's stock after selling 64,447 shares during the quarter. Ameriprise Financial Inc. owned 0.99% of ITT worth $100,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. boosted its holdings in ITT by 13.1% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock valued at $107,000 after purchasing an additional 87 shares in the last quarter. Stephens Inc. AR raised its stake in ITT by 4.8% during the 1st quarter. Stephens Inc. AR now owns 1,970 shares of the conglomerate's stock worth $254,000 after acquiring an additional 90 shares in the last quarter. Prudent Man Advisors LLC raised its stake in ITT by 2.3% during the 1st quarter. Prudent Man Advisors LLC now owns 4,280 shares of the conglomerate's stock worth $553,000 after acquiring an additional 98 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in ITT by 0.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 16,643 shares of the conglomerate's stock valued at $2,150,000 after acquiring an additional 100 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in ITT by 1.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 11,609 shares of the conglomerate's stock valued at $1,499,000 after acquiring an additional 123 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the company. The Goldman Sachs Group lifted their target price on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. DA Davidson set a $190.00 price target on ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. KeyCorp boosted their price objective on ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Citigroup restated a "buy" rating and set a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. Finally, Bank of America upped their price target on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, May 21st. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $179.22.

Insider Transactions at ITT

In related 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 value of $5,994,792.60. Following the completion of the sale, 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 corporate insiders.

ITT Stock Performance

Shares of ITT stock traded down $2.92 during trading hours on Friday, hitting $169.71. 105,633 shares of the company were exchanged, compared to its average volume of 497,253. The company has a current ratio of 1.45, a quick ratio of 0.99 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average of $162.27 and a 200-day moving average of $147.52. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $174.73. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 2.14 and a beta of 1.38.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.02. The firm 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%. ITT's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, analysts expect that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.351 per share. 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 currently 22.01%.

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.