Park Avenue Securities LLC Purchases New Position in ITT Inc. $ITT

Key Points

• Park Avenue Securities LLC has acquired a new position in ITT Inc., purchasing 4,693 shares valued at approximately $736,000 during the 2nd quarter.
• Several major investors, including T. Rowe Price and Select Equity Group, have increased their stakes in ITT, which is currently owned 91.59% by institutional investors and hedge funds.
• ITT Inc. recently reported earnings exceeding estimates, with a net margin of 13.99% and a projected FY 2025 EPS guidance of $6.350-6.550.

Park Avenue Securities LLC bought a new stake in shares of ITT Inc. (NYSE:ITT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,693 shares of the conglomerate's stock, valued at approximately $736,000.

Several other large investors also recently modified their holdings of the business. Select Equity Group L.P. grew its stake in shares of ITT by 4.4% during the first quarter. Select Equity Group L.P. now owns 4,765,602 shares of the conglomerate's stock valued at $615,525,000 after acquiring an additional 200,676 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of ITT by 97.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,835,894 shares of the conglomerate's stock valued at $237,125,000 after acquiring an additional 904,654 shares in the last quarter. Nuveen LLC acquired a new stake in shares of ITT during the first quarter valued at about $156,406,000. Findlay Park Partners LLP grew its stake in shares of ITT by 94.7% during the first quarter. Findlay Park Partners LLP now owns 795,600 shares of the conglomerate's stock valued at $102,760,000 after acquiring an additional 387,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in ITT by 0.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate's stock worth $67,449,000 after purchasing an additional 4,905 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on ITT. 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. Bank of America lifted their price target on ITT from $190.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, September 16th. Stifel Nicolaus lifted their price target on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Citigroup reiterated a "buy" rating and issued a $186.00 price target (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Finally, UBS Group lifted their price target on ITT from $168.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $188.11.

Insider Activity

In other ITT news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction 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 sale, the chief executive officer owned 297,536 shares of the company's stock, valued at $49,022,031.36. This trade represents a 10.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.47% of the stock is owned by company insiders.

ITT Trading Up 1.0%

ITT stock opened at $176.92 on Friday. ITT Inc. has a 1 year low of $105.64 and a 1 year 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 firm has a market cap of $13.80 billion, a price-to-earnings ratio of 27.82, a price-to-earnings-growth ratio of 2.18 and a beta of 1.39. The firm's 50 day moving average price is $169.86 and its two-hundred day moving average price is $152.52.

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 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 firm had revenue of $972.40 million for the quarter, compared to analysts' expectations of $947.48 million. During the same period in the previous year, the company posted $1.49 EPS. The company'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. On average, research analysts predict 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. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.351 per share. 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 (DPR) is 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.

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