Nuveen LLC Makes New $156.41 Million Investment in ITT Inc. (NYSE:ITT)

Key Points

• Nuveen LLC made a significant investment of approximately $156.41 million by acquiring over 1.2 million shares of ITT Inc. during the first quarter, representing 1.54% ownership of the company.
• Several analysts have upgraded their price targets for ITT Inc. stock, with a consensus target now at $179.22, and a majority of ratings being categorized as a "Moderate Buy."
• The company recently announced a quarterly dividend of $0.351 per share, representing an annualized yield of 0.8% and a dividend payout ratio of 22.01%.

Nuveen LLC acquired a new stake in ITT Inc. (NYSE:ITT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,210,949 shares of the conglomerate's stock, valued at approximately $156,406,000. Nuveen LLC owned about 1.54% of ITT at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in 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 purchasing an additional 125 shares during the period. Kapitalo Investimentos Ltda acquired a new position in ITT during the 4th quarter worth approximately $59,000. Versant Capital Management Inc boosted its stake in shares of ITT by 3,513.3% in the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock valued at $70,000 after purchasing an additional 527 shares during the period. Farther Finance Advisors LLC increased its position 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 acquiring an additional 331 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of ITT by 13.1% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock valued at $107,000 after buying an additional 87 shares during the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITT has been the topic of several research reports. Bank of America upped their price objective on ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. The Goldman Sachs Group increased their price target on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Citigroup restated a "buy" rating and set a $186.00 target price (up from $159.00) on shares of ITT in a report on Monday, July 14th. Finally, DA Davidson set a $190.00 price target on shares of ITT and gave the company a "buy" rating in a research report on Monday, August 4th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $179.22.

Insider Activity

In related news, CEO Luca Savi sold 36,385 shares of the business's stock in a transaction on 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.47% of the company's stock.

ITT Stock Performance

ITT stock traded down $1.90 on Friday, reaching $165.58. 189,785 shares of the company were exchanged, compared to its average volume of 510,837. ITT Inc. has a 12 month low of $105.64 and a 12 month high of $171.57. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. The firm has a market capitalization of $12.92 billion, a PE ratio of 26.04, a PEG ratio of 2.10 and a beta of 1.38. The stock's fifty day moving average price is $158.77 and its 200 day moving average price is $146.10.

ITT (NYSE:ITT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.49 EPS. On average, research analysts anticipate that ITT Inc. will post 6.51 EPS for the current fiscal 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 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 dividend yield of 0.8%. ITT's dividend payout ratio is presently 22.01%.

About ITT

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.