Wealth Enhancement Advisory Services LLC Boosts Stake in ITT Inc. $ITT

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in ITT Inc. by 72.4%, now holding 17,495 shares worth approximately $2.8 million as of its latest filing.
• Analysts are optimistic about ITT's stock, with several brokerages raising their price targets, including Bank of America from $190 to $210 and UBS Group from $168 to $200, while maintaining a "buy" rating.
• ITT recently declared a quarterly dividend of $0.351 per share, to be paid on September 29th, representing an annual yield of 0.8%.

Wealth Enhancement Advisory Services LLC raised its stake in shares of ITT Inc. (NYSE:ITT - Free Report) by 72.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,495 shares of the conglomerate's stock after purchasing an additional 7,348 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in ITT were worth $2,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Pallas Capital Advisors LLC boosted its position in ITT by 11.4% during the 2nd quarter. Pallas Capital Advisors LLC now owns 3,801 shares of the conglomerate's stock valued at $596,000 after acquiring an additional 389 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in ITT by 1.9% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 45,875 shares of the conglomerate's stock worth $7,195,000 after buying an additional 849 shares in the last quarter. Voya Investment Management LLC grew its position in shares of ITT by 4.7% in the first quarter. Voya Investment Management LLC now owns 12,792 shares of the conglomerate's stock valued at $1,652,000 after purchasing an additional 573 shares in the last quarter. Strs Ohio acquired a new position in ITT in the first quarter valued at approximately $1,539,000. Finally, Geneos Wealth Management Inc. boosted 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 buying an additional 706 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on ITT. UBS Group raised their price objective on ITT from $168.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Bank of America upped their target price on ITT from $190.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Stifel Nicolaus boosted their price target on ITT from $197.00 to $202.00 and gave the company a "buy" rating in a report 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 report on Monday, July 14th. Finally, KeyCorp upped their price target on shares of ITT from $192.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, September 12th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $188.11.

ITT Price Performance

Shares of ITT stock opened at $176.92 on Friday. ITT Inc. has a twelve month low of $105.64 and a twelve month high of $185.57. The firm has a market cap of $13.80 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.18 and a beta of 1.39. The firm's 50-day simple moving average is $169.86 and its 200-day simple moving average is $152.52. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. The business had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. ITT had a net margin of 13.99% and a return on equity of 18.08%. ITT's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.49 earnings per share. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, research analysts expect that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. ITT's dividend payout ratio is 22.01%.

Insider Activity at ITT

In related news, CEO Luca Savi sold 36,385 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value of $5,994,792.60. Following the transaction, the chief executive officer directly owned 297,536 shares in the company, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.47% of the company's stock.

ITT Company 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.

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