T. Rowe Price Investment Management Inc. Has $237.13 Million Stock Position in ITT Inc. $ITT

Key Points

• T. Rowe Price Investment Management increased its stake in ITT Inc. by 97.1%, now owning approximately $237.13 million worth of shares.
• The company recently announced a quarterly dividend of $0.351 per share, representing an annual yield of 0.8%.
• Wall Street analysts have a favorable outlook on ITT, with an average price target of $179.22 and nine analysts rating it as a "buy".

T. Rowe Price Investment Management Inc. boosted its stake in ITT Inc. (NYSE:ITT - Free Report) by 97.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,835,894 shares of the conglomerate's stock after purchasing an additional 904,654 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.33% of ITT worth $237,125,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ITT. GSA Capital Partners LLP bought a new stake in shares of ITT during the 1st quarter worth approximately $609,000. Merit Financial Group LLC acquired a new position in ITT during the first quarter valued at approximately $273,000. Sequoia Financial Advisors LLC lifted its stake in ITT by 10.2% during the first quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock worth $3,853,000 after purchasing an additional 2,765 shares during the last quarter. XTX Topco Ltd bought a new stake in ITT during the first quarter worth $1,214,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of ITT by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 522,212 shares of the conglomerate's stock valued at $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.

Insider Buying and Selling at ITT

In other news, CEO Luca Savi sold 36,385 shares of the 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 directly owned 297,536 shares in the company, valued at $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.47% of the stock is currently owned by company insiders.

ITT Trading Down 1.3%

ITT opened at $165.4620 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.45 and a quick ratio of 0.99. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $171.57. The company's 50 day moving average price is $159.89 and its two-hundred day moving average price is $146.57. The firm has a market capitalization of $12.91 billion, a price-to-earnings ratio of 26.02, a PEG ratio of 2.06 and a beta of 1.38.

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

ITT Dividend Announcement

The business also recently announced 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 is Tuesday, September 2nd. This represents a $1.40 annualized dividend and a yield of 0.8%. ITT's dividend payout ratio is presently 22.01%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Citigroup restated a "buy" rating and set a $186.00 price objective (up from $159.00) on shares of ITT in a research report on Monday, July 14th. The Goldman Sachs Group raised their price target on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a research note on Monday, May 19th. KeyCorp upped their price objective on shares of ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Bank of America increased their price objective on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, May 21st. Finally, DA Davidson set a $190.00 target price on shares of ITT and gave the stock a "buy" rating in a research note on Monday, August 4th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $179.22.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.