Royal Bank of Canada Sells 7,687 Shares of ITT Inc. $ITT

Key Points

• The Royal Bank of Canada has reduced its stake in ITT Inc. by 7.7%, now owning 92,622 shares valued at approximately $11.96 million.
• KeyCorp and UBS Group raised their price targets for ITT to $192.00 and $200.00, respectively, with several analysts giving the stock a consensus rating of "Moderate Buy."
• ITT declared a quarterly dividend of $0.351 per share, representing an annualized payout of $1.40 and a yield of 0.8%.

Royal Bank of Canada lessened its position in ITT Inc. (NYSE:ITT - Free Report) by 7.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 92,622 shares of the conglomerate's stock after selling 7,687 shares during the period. Royal Bank of Canada owned approximately 0.12% of ITT worth $11,963,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ITT. Versant Capital Management Inc increased its position in ITT by 3,513.3% during the first quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after purchasing an additional 527 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of ITT by 72.7% in the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate's stock worth $103,000 after buying an additional 331 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of ITT by 13.1% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after buying an additional 87 shares during the last quarter. CX Institutional bought a new stake in ITT in the 1st quarter valued at about $107,000. Finally, UMB Bank n.a. increased its stake in ITT by 84.5% during the 1st quarter. UMB Bank n.a. now owns 856 shares of the conglomerate's stock valued at $111,000 after buying an additional 392 shares during the period. Institutional investors and hedge funds own 91.59% of the company's stock.

ITT Price Performance

ITT traded down $2.22 on Wednesday, hitting $179.62. 567,039 shares of the stock were exchanged, compared to its average volume of 324,860. 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 $14.01 billion, a price-to-earnings ratio of 28.24, a PEG ratio of 2.24 and a beta of 1.39. ITT Inc. has a 12 month low of $105.64 and a 12 month high of $183.33. The business has a 50-day moving average of $166.95 and a two-hundred day moving average of $150.34.

ITT (NYSE:ITT - Get Free Report) last released its quarterly earnings data 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 company had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%.The firm's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.49 earnings per share. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. Sell-side analysts forecast that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 annualized dividend and a yield of 0.8%. ITT's dividend payout ratio (DPR) is 22.01%.

Insiders Place Their Bets

In other ITT news, CEO Luca Savi sold 36,385 shares of ITT 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 completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.47% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ITT shares. Citigroup reissued a "buy" rating and issued a $186.00 target price (up from $159.00) on shares of ITT in a research report on Monday, July 14th. DA Davidson set a $190.00 target price on shares of ITT and gave the company a "buy" rating in a research note on Monday, August 4th. KeyCorp increased their price objective on shares of ITT from $192.00 to $200.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. UBS Group increased their target price on shares of ITT from $168.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Finally, Stifel Nicolaus raised their price objective on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $188.11.

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.