Northern Trust Corp Reduces Position in ITT Inc. $ITT

Key Points

• Northern Trust Corp reduced its stake in ITT Inc. by 1.6% during Q1, owning approximately 743,822 shares valued at $96 million after selling 12,093 shares.
• Multiple institutional investors, including Select Equity Group L.P., increased their positions in ITT, with Select Equity Group raising its stake by 7.7% to own over 4.5 million shares worth about $652 million.
• ITT recently reported quarterly earnings of $1.64 per share, exceeding analysts' expectations, and announced a $0.351 quarterly dividend, reflecting a 0.8% yield.

Northern Trust Corp trimmed its holdings in ITT Inc. (NYSE:ITT - Free Report) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 743,822 shares of the conglomerate's stock after selling 12,093 shares during the quarter. Northern Trust Corp owned about 0.95% of ITT worth $96,072,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ITT. Select Equity Group L.P. lifted its position in ITT by 7.7% during the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate's stock worth $652,237,000 after buying an additional 326,947 shares in the last quarter. Nuveen LLC purchased a new stake in ITT in the 1st quarter valued at $156,406,000. Nuveen Asset Management LLC increased its stake in shares of ITT by 17.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,139,303 shares of the conglomerate's stock worth $162,784,000 after acquiring an additional 171,474 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of ITT by 1.3% during the 4th quarter. Janus Henderson Group PLC now owns 928,116 shares of the conglomerate's stock worth $132,611,000 after acquiring an additional 11,980 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of ITT by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate's stock worth $67,449,000 after acquiring an additional 4,905 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

ITT Price Performance

ITT stock opened at $170.9290 on Friday. The company's 50 day simple moving average is $160.56 and its 200-day simple moving average is $146.82. 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 1 year low of $105.64 and a 1 year high of $171.70. The company has a market capitalization of $13.33 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 2.10 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, topping analysts' consensus estimates of $1.62 by $0.02. The firm had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. The firm's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $1.49 EPS. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, 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 disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be paid 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 dividend yield of 0.8%. ITT's payout ratio is presently 22.01%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ITT. Stifel Nicolaus upped their price objective on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a report on Friday, August 1st. Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Citigroup restated a "buy" rating and set a $186.00 price target (up previously from $159.00) on shares of ITT in a report on Monday, July 14th. KeyCorp lifted their price target on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, The Goldman Sachs Group increased their price objective on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $179.22.

Insider Activity

In related news, CEO Luca Savi sold 36,385 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 297,536 shares of the company's stock, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.47% of the company's stock.

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.

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