First Trust Advisors LP Trims Holdings in ITT Inc. (NYSE:ITT)

Posted by Defense World Staff on May 23rd, 2023

First Trust Advisors LP decreased its stake in shares of ITT Inc. (NYSE:ITT – Get Rating) by 29.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 183,168 shares of the conglomerate’s stock after selling 77,891 shares during the quarter. First Trust Advisors LP owned about 0.22% of ITT worth $14,855,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc lifted its position in ITT by 449.4% during the fourth quarter. Bell Investment Advisors Inc now owns 445 shares of the conglomerate’s stock worth $36,000 after buying an additional 364 shares in the last quarter. Armstrong Advisory Group Inc. purchased a new stake in ITT in the fourth quarter valued at $40,000. CVA Family Office LLC raised its position in ITT by 32.1% in the third quarter. CVA Family Office LLC now owns 515 shares of the conglomerate’s stock valued at $34,000 after purchasing an additional 125 shares during the period. Bessemer Group Inc. raised its position in ITT by 337.5% in the third quarter. Bessemer Group Inc. now owns 595 shares of the conglomerate’s stock valued at $39,000 after purchasing an additional 459 shares during the period. Finally, IFP Advisors Inc raised its position in ITT by 21.3% in the third quarter. IFP Advisors Inc now owns 740 shares of the conglomerate’s stock valued at $44,000 after purchasing an additional 130 shares during the period. Hedge funds and other institutional investors own 90.16% of the company’s stock.

Insider Transactions at ITT

In other news, SVP Ryan F. Flynn sold 2,197 shares of the stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $87.22, for a total value of $191,622.34. Following the transaction, the senior vice president now owns 16,547 shares in the company, valued at approximately $1,443,229.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

ITT has been the topic of a number of research analyst reports. Robert W. Baird lifted their target price on ITT from $100.00 to $101.00 in a research report on Friday, May 5th. Citigroup lifted their target price on ITT from $94.00 to $101.00 and gave the company a “buy” rating in a research report on Monday, February 13th. DA Davidson lifted their price objective on ITT from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, February 13th. Stifel Nicolaus dropped their price objective on ITT from $107.00 to $106.00 and set a “buy” rating for the company in a research note on Monday, April 17th. Finally, KeyCorp lifted their price objective on ITT from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, February 10th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $96.38.

ITT Price Performance

ITT opened at $82.61 on Tuesday. ITT Inc. has a 12 month low of $63.77 and a 12 month high of $95.18. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 1.34 and a beta of 1.41. The business has a fifty day moving average price of $82.77 and a 200 day moving average price of $84.70.

ITT (NYSE:ITT – Get Rating) last released its earnings results on Thursday, May 4th. The conglomerate reported $1.17 EPS for the quarter, topping the consensus estimate of $1.10 by $0.07. ITT had a return on equity of 17.85% and a net margin of 12.82%. The firm had revenue of $797.90 million during the quarter, compared to analysts’ expectations of $777.24 million. During the same period in the previous year, the firm posted $0.97 EPS. ITT’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, research analysts anticipate that ITT Inc. will post 4.84 earnings per share for the current year.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 9th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $1.16 annualized dividend and a yield of 1.40%. ITT’s payout ratio is 24.63%.

ITT Company Profile

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ITT, Inc engages in the manufacture and sale of engineered components and customized technology solutions primarily for the transportation, industrial, and energy markets. It operates through the following segments: Motion Technologies, Industrial Process, Connect and Control Technologies, and Corporate and Other.