ITT Inc. (NYSE:ITT) CEO Sells $5,994,792.60 in Stock

Key Points

• ITT CEO Luca Savi sold 36,385 shares of stock valued at approximately $5.99 million, reducing his ownership by 10.90% to about 297,536 shares.
• The company recently reported earnings of $1.64 per share, exceeding analyst expectations, with a revenue of $972.40 million for the quarter, up 7.3% year-over-year.
• ITT Inc. announced a quarterly dividend of $0.351 per share, with a payout ratio of 22.01%, to be paid on September 29th.

ITT Inc. (NYSE:ITT - Get Free Report) CEO Luca Savi sold 36,385 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

ITT Stock Up 0.0%

Shares of NYSE:ITT opened at $165.75 on Tuesday. The firm's 50 day moving average price is $157.64 and its 200 day moving average price is $145.61. The stock has a market cap of $12.93 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 2.04 and a beta of 1.38. ITT Inc. has a fifty-two week low of $105.64 and a fifty-two week high of $170.16. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24.

ITT (NYSE:ITT - Get Free Report) last posted its earnings results on Thursday, July 31st. The conglomerate reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.02. The firm had revenue of $972.40 million for 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%. The company's revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS. As a group, equities research analysts predict that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

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. 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 payout ratio is 22.01%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ITT. Bank of America upped their price objective on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. KeyCorp lifted their price objective on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Citigroup restated a "buy" rating and issued a $186.00 price objective (up previously from $159.00) on shares of ITT in a report on Monday, July 14th. Stifel Nicolaus lifted their price objective on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, ITT has a consensus rating of "Moderate Buy" and a consensus target price of $179.22.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. lifted its position in ITT by 13.1% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate's stock worth $107,000 after acquiring an additional 87 shares during the period. Stephens Inc. AR lifted its position in shares of ITT by 4.8% during the 1st quarter. Stephens Inc. AR now owns 1,970 shares of the conglomerate's stock valued at $254,000 after acquiring an additional 90 shares during the period. Prudent Man Advisors LLC lifted its position in shares of ITT by 2.3% during the 1st quarter. Prudent Man Advisors LLC now owns 4,280 shares of the conglomerate's stock valued at $553,000 after acquiring an additional 98 shares during the period. UMB Bank n.a. lifted its position in shares of ITT by 11.4% during the 2nd quarter. UMB Bank n.a. now owns 954 shares of the conglomerate's stock valued at $150,000 after acquiring an additional 98 shares during the period. Finally, Mutual Advisors LLC grew its position in shares of ITT by 3.5% in the second quarter. Mutual Advisors LLC now owns 2,923 shares of the conglomerate's stock valued at $472,000 after purchasing an additional 98 shares during the last quarter. Institutional investors and hedge funds own 91.59% 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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