Comerica Bank Sells 7,738 Shares of ITT Inc. $ITT

Comerica Bank lessened its stake in ITT Inc. (NYSE:ITT) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,909 shares of the conglomerate’s stock after selling 7,738 shares during the quarter. Comerica Bank owned 0.09% of ITT worth $8,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Quarry LP raised its position in shares of ITT by 101.6% in the 4th quarter. Quarry LP now owns 248 shares of the conglomerate’s stock worth $35,000 after purchasing an additional 125 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in shares of ITT in the 4th quarter worth about $59,000. Versant Capital Management Inc raised its position in shares of ITT by 3,513.3% in the 1st quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate’s stock worth $70,000 after purchasing an additional 527 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of ITT by 72.7% in the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate’s stock worth $103,000 after purchasing an additional 331 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in shares of ITT by 13.1% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 749 shares of the conglomerate’s stock worth $107,000 after purchasing an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Insider Activity at ITT

In other 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 transaction of $5,994,792.60. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.47% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ITT shares. Citigroup reaffirmed a “buy” rating and issued a $186.00 price target (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. KeyCorp boosted their target price on ITT from $180.00 to $192.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. The Goldman Sachs Group boosted their target price on ITT from $160.00 to $177.00 and gave the stock a “buy” rating in a research report on Monday, May 19th. Bank of America boosted their target price on ITT from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, May 21st. Finally, Wall Street Zen raised ITT from a “hold” rating to a “buy” rating in a research report on Wednesday, May 7th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, ITT currently has an average rating of “Moderate Buy” and an average target price of $179.22.

ITT Price Performance

NYSE ITT opened at $173.80 on Thursday. ITT Inc. has a 52 week low of $105.64 and a 52 week high of $174.20. The firm has a market capitalization of $13.56 billion, a P/E ratio of 27.33, a PEG ratio of 2.12 and a beta of 1.38. 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 company has a 50-day moving average price of $161.83 and a 200-day moving average price of $147.35.

ITT (NYSE:ITT) last released 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 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 analyst estimates of $947.48 million. During the same quarter in the prior year, the firm earned $1.49 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. Equities research analysts anticipate 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 will be paid on Monday, September 29th. Stockholders 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 dividend yield of 0.8%. ITT’s dividend payout ratio is presently 22.01%.

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.