Corebridge Financial Inc. Has $11.61 Million Stake in ITT Inc. $ITT

Key Points

• Corebridge Financial Inc. reduced its holdings in ITT Inc. by 2.5%, now owning approximately 0.11% of the company's shares, valued at $11.6 million.
• Multiple institutional investors increased their stakes in ITT, with Quarry LP and Versant Capital Management Inc. notably growing their positions by 101.6% and 3,513.3%, respectively.
• Analysts maintain a consensus rating of "Moderate Buy" for ITT, with price targets ranging from $170.00 to $190.00 following recent earnings that exceeded expectations.

Corebridge Financial Inc. cut its stake in ITT Inc. (NYSE:ITT - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,916 shares of the conglomerate's stock after selling 2,310 shares during the period. Corebridge Financial Inc. owned about 0.11% of ITT worth $11,614,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP raised its stake in ITT by 101.6% during the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after acquiring an additional 125 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new stake in shares of ITT during the 4th quarter worth about $59,000. Versant Capital Management Inc increased its position in shares of 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 in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of ITT by 72.7% during the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock worth $103,000 after buying an additional 331 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of ITT by 13.1% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after buying an additional 87 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. DA Davidson set a $190.00 price objective on shares of ITT and gave the stock a "buy" rating in a report on Monday, August 4th. Stifel Nicolaus raised their price target on ITT from $197.00 to $202.00 and gave the company a "buy" rating in a report on Friday, August 1st. The Goldman Sachs Group raised their target price on ITT from $160.00 to $177.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Citigroup restated a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Finally, Bank of America raised their target price on ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, ITT has a consensus rating of "Moderate Buy" and an average price target of $179.22.

ITT Trading Down 1.5%

ITT traded down $2.53 during trading on Monday, reaching $170.10. 244,844 shares of the company's stock were exchanged, compared to its average volume of 316,451. The company's fifty day moving average price is $162.99 and its 200-day moving average price is $147.86. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $174.73. The firm has a market capitalization of $13.27 billion, a PE ratio of 26.75, a P/E/G ratio of 2.10 and a beta of 1.39.

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 business had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. During the same period in the previous year, the firm earned $1.49 earnings per share. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, equities analysts forecast that ITT Inc. will post 6.51 EPS for the current 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%.

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.