Marks Group Wealth Management Inc Decreases Stock Position in ITT Inc. $ITT

Key Points

• Marks Group Wealth Management Inc reduced its stake in ITT Inc. by 3.8%, now holding approximately 61,378 shares valued at $9.63 million.
• Multiple institutional investors increased their positions in ITT, with significant boosts from firms like AdvisorNet Financial Inc and Geneos Wealth Management Inc.
• Wall Street analysts largely remain optimistic about ITT, with a consensus rating of "Moderate Buy" and price targets ranging from $190 to $210.

Marks Group Wealth Management Inc cut its stake in ITT Inc. (NYSE:ITT - Free Report) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,378 shares of the conglomerate's stock after selling 2,402 shares during the period. ITT comprises about 0.9% of Marks Group Wealth Management Inc's holdings, making the stock its 28th largest holding. Marks Group Wealth Management Inc owned about 0.08% of ITT worth $9,626,000 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. AdvisorNet Financial Inc boosted its holdings in ITT by 26.2% in the second quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate's stock valued at $76,000 after purchasing an additional 101 shares during the period. Farther Finance Advisors LLC boosted its holdings in ITT by 72.7% in the first quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock valued at $103,000 after purchasing an additional 331 shares during the period. CX Institutional purchased a new position in ITT in the first quarter valued at $107,000. UMB Bank n.a. boosted its holdings in ITT by 84.5% in the first quarter. UMB Bank n.a. now owns 856 shares of the conglomerate's stock valued at $111,000 after purchasing an additional 392 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in ITT by 341.1% in the first quarter. Geneos Wealth Management Inc. now owns 913 shares of the conglomerate's stock valued at $118,000 after purchasing an additional 706 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ITT has been the subject of a number of recent analyst reports. TD Cowen lifted their price target on ITT from $170.00 to $190.00 and gave the stock a "buy" rating in a report on Thursday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of ITT in a report on Saturday, September 27th. Cowen reaffirmed a "buy" rating on shares of ITT in a report on Thursday. DA Davidson set a $190.00 price target on ITT and gave the stock a "buy" rating in a report on Monday, August 4th. Finally, Bank of America lifted their price target on ITT from $190.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $190.89.

Insider Transactions at ITT

In related news, CEO Luca Savi sold 36,385 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $164.76, for a total value of $5,994,792.60. Following the transaction, the chief executive officer owned 297,536 shares in the company, 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 SEC, which is available at the SEC website. 0.47% of the stock is owned by company insiders.

ITT Stock Down 0.3%

ITT stock opened at $181.04 on Monday. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $185.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The company has a market capitalization of $14.12 billion, a P/E ratio of 28.47, a PEG ratio of 2.23 and a beta of 1.38. The stock has a 50-day simple moving average of $171.92 and a 200-day simple moving average of $154.22.

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, beating the consensus estimate 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 the consensus estimate of $947.48 million. During the same period in the previous year, the business earned $1.49 EPS. The business's quarterly revenue was up 7.3% on a year-over-year basis. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. Equities research analysts expect that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were issued a $0.351 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 2nd. ITT's payout ratio is presently 22.01%.

ITT Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.