ITT (NYSE:ITT) CAO Sells 500 Shares of Stock

Key Points

• ITT Chief Accounting Officer Graziano De sold 500 shares for $107,005, reducing their stake by 6.98%; they retained 6,659 shares after the sale.
• ITT beat quarterly earnings expectations, reporting $2.26 per share versus the $2.08 consensus and revenue of $1.44 billion, up 44.2% year over year.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $258.78; the company also announced a quarterly dividend of $0.386 per share.

ITT Inc. (NYSE:ITT - Get Free Report) CAO Graziano De sold 500 shares of the firm's stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $214.01, for a total transaction of $107,005.00. Following the transaction, the chief accounting officer owned 6,659 shares of the company's stock, valued at $1,425,092.59. This trade represents a 6.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

ITT Price Performance

Shares of ITT stock traded down $0.51 during trading hours on Thursday, hitting $214.50. The company's stock had a trading volume of 713,511 shares, compared to its average volume of 895,440. The company has a current ratio of 1.29, a quick ratio of 0.85 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average of $202.18 and a 200-day moving average of $199.83. ITT Inc. has a twelve month low of $166.96 and a twelve month high of $230.32. The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 44.14, a P/E/G ratio of 1.53 and a beta of 1.25.

ITT (NYSE:ITT - Get Free Report) last announced its earnings results on Wednesday, November 4th. The conglomerate reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.18. The firm had revenue of $1.44 billion for the quarter, compared to analysts' expectations of $1.42 billion. ITT had a return on equity of 15.47% and a net margin of 8.07%. ITT's quarterly revenue was up 44.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.78 EPS. As a group, equities research analysts anticipate that ITT Inc. will post 8.60 EPS for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 4th will be paid a $0.3860 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.54 annualized dividend and a yield of 0.7%. ITT's payout ratio is presently 31.69%.

Analyst Ratings Changes

ITT has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of ITT from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday. DA Davidson boosted their price objective on shares of ITT from $255.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Wolfe Research assumed coverage on shares of ITT in a research note on Tuesday, September 15th. They set an "outperform" rating and a $272.00 price objective on the stock. BMO Capital Markets restated an "outperform" rating and set a $273.00 target price on shares of ITT in a research report on Friday, August 7th. Finally, KeyCorp lifted their target price on shares of ITT from $250.00 to $263.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $258.78.

Institutional Trading of ITT

A number of hedge funds have recently added to or reduced their stakes in ITT. BlackRock Inc. purchased a new position in shares of ITT during the 2nd quarter worth about $1,715,593,000. Findlay Park Partners LLP purchased a new stake in ITT in the second quarter valued at approximately $276,395,000. Bank of America Corp DE acquired a new position in ITT during the second quarter worth approximately $173,436,000. Jupiter Topco LLC acquired a new position in ITT during the second quarter worth approximately $127,872,000. Finally, Bank of New York Mellon Corp purchased a new position in ITT during the second quarter worth approximately $119,853,000. 91.59% of the stock is owned by institutional investors and hedge funds.

About ITT

ITT Inc. is a global manufacturer of engineered components and technology serving industrial, transportation, aerospace and defense, and energy markets. Its products include pumps and valves, brake pads and shock absorbers, and specialized connectors and control components. The company operates through three main businesses: Motion Technologies, Industrial Process, and Connect & Control Technologies. These businesses provide products and services used in applications ranging from automotive braking systems and industrial fluid handling to aerospace equipment and energy infrastructure.

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