Sagespring Wealth Partners LLC Invests $233,000 in ITT Inc. $ITT

Key Points

• Sagespring Wealth Partners LLC has invested approximately $233,000 in ITT Inc., purchasing 1,485 shares during the second quarter, indicating growing institutional interest in the company.
• CEO Luca Savi sold 36,385 shares of ITT stock, resulting in a 10.90% decrease in his ownership, valued at nearly $6 million.
• Recent analyst ratings have been positive, with several firms increasing their price targets for ITT to between $200.00 and $210.00, reflecting a consensus rating of "Moderate Buy".

Sagespring Wealth Partners LLC bought a new position in shares of ITT Inc. (NYSE:ITT - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,485 shares of the conglomerate's stock, valued at approximately $233,000.

Several other large investors have also made changes to their positions in the business. AdvisorNet Financial Inc increased its position in shares of ITT by 26.2% during the second quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate's stock worth $76,000 after purchasing an additional 101 shares in the last quarter. 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 purchasing an additional 331 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of ITT by 341.1% during the first quarter. Geneos Wealth Management Inc. now owns 913 shares of the conglomerate's stock worth $118,000 after purchasing an additional 706 shares in the last quarter. Quarry LP increased its position in shares of ITT by 273.4% during the first quarter. Quarry LP now owns 926 shares of the conglomerate's stock worth $120,000 after purchasing an additional 678 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in shares of ITT by 178.2% during the first quarter. Brooklyn Investment Group now owns 982 shares of the conglomerate's stock worth $127,000 after purchasing an additional 629 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ITT

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

Analysts Set New Price Targets

Several analysts recently commented on the company. KeyCorp boosted their price target on ITT from $192.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. UBS Group boosted their price target on ITT from $168.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Weiss Ratings reiterated a "buy (b)" rating on shares of ITT in a research report on Wednesday, October 8th. Bank of America upped their target price on ITT from $190.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Finally, DA Davidson set a $190.00 target price on ITT and gave the company a "buy" rating in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $190.89.

ITT Stock Up 1.1%

Shares of NYSE:ITT opened at $172.83 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $173.87 and a two-hundred day moving average of $156.86. The stock has a market cap of $13.48 billion, a P/E ratio of 27.18, a PEG ratio of 2.13 and a beta of 1.38. ITT Inc. has a 52-week low of $105.64 and a 52-week high of $185.57.

ITT (NYSE:ITT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS 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 for the quarter, compared to analyst estimates of $947.48 million. During the same quarter in the prior year, the company posted $1.49 EPS. The company'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. On average, research analysts expect that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were paid 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 dividend payout ratio 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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