ITT Inc. $ITT Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in ITT Inc. by 11.1%, selling 3,100 shares and now holding 24,852 shares valued at $3.21 million.
• ITT Inc. reported earnings of $1.64 EPS, exceeding analysts' expectations, with a year-over-year revenue increase of 7.3%.
• The company recently announced a quarterly dividend of $0.351 per share, which provides an annualized yield of 0.8%.

State of New Jersey Common Pension Fund D reduced its holdings in shares of ITT Inc. (NYSE:ITT - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,852 shares of the conglomerate's stock after selling 3,100 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in ITT were worth $3,210,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. increased its stake 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 during the last quarter. Stephens Inc. AR lifted its holdings in shares of ITT by 4.8% in the 1st quarter. Stephens Inc. AR now owns 1,970 shares of the conglomerate's stock valued at $254,000 after purchasing an additional 90 shares during the last quarter. Prudent Man Advisors LLC grew 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 buying an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in ITT by 0.6% during the first quarter. Oregon Public Employees Retirement Fund now owns 16,643 shares of the conglomerate's stock worth $2,150,000 after buying an additional 100 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted 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 buying an additional 123 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

ITT Stock Down 1.3%

ITT stock opened at $165.4620 on Thursday. The stock's 50 day moving average price is $159.89 and its 200 day moving average price is $146.57. ITT Inc. has a 1-year low of $105.64 and a 1-year high of $171.57. The company has a market cap of $12.91 billion, a PE 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 (NYSE:ITT - Get Free Report) last issued its earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, topping the consensus estimate of $1.62 by $0.02. ITT had a net margin of 13.99% and a return on equity of 18.08%. The company had revenue of $972.40 million for the quarter, compared to analyst estimates of $947.48 million. During the same period in the previous year, the firm earned $1.49 EPS. The business'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. On average, sell-side analysts predict that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be issued a $0.351 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.40 dividend on an annualized basis and a yield of 0.8%. ITT's dividend payout ratio (DPR) is 22.01%.

Analyst Ratings Changes

Several analysts recently commented on ITT shares. Citigroup reiterated a "buy" rating and issued a $186.00 price target (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. Bank of America lifted their price objective on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Stifel Nicolaus boosted their price target on ITT from $197.00 to $202.00 and gave the company a "buy" rating in a research report on Friday, August 1st. The Goldman Sachs Group lifted 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. Finally, DA Davidson set a $190.00 price target on ITT and gave the stock a "buy" rating in a research note on Monday, August 4th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $179.22.

Insider Activity

In other news, CEO Luca Savi sold 36,385 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the sale, the chief executive officer owned 297,536 shares of the company's stock, valued at $49,022,031.36. The trade was a 10.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

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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