Norges Bank Invests $140.82 Million in ITT Inc. $ITT

Norges Bank purchased a new stake in shares of ITT Inc. (NYSE:ITT) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 897,884 shares of the conglomerate’s stock, valued at approximately $140,815,000.

Other large investors have also recently modified their holdings of the company. Nuveen LLC purchased a new stake in ITT during the 1st quarter valued at about $156,406,000. T. Rowe Price Investment Management Inc. raised its holdings in ITT by 97.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,835,894 shares of the conglomerate’s stock worth $237,125,000 after buying an additional 904,654 shares during the last quarter. Findlay Park Partners LLP lifted its stake in shares of ITT by 94.7% in the first quarter. Findlay Park Partners LLP now owns 795,600 shares of the conglomerate’s stock worth $102,760,000 after buying an additional 387,000 shares in the last quarter. Select Equity Group L.P. grew its holdings in shares of ITT by 4.4% during the first quarter. Select Equity Group L.P. now owns 4,765,602 shares of the conglomerate’s stock valued at $615,525,000 after buying an additional 200,676 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of ITT during the second quarter valued at approximately $21,894,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mesa Graziano Cheryl De sold 238 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $183.08, for a total transaction of $43,573.04. Following the completion of the sale, the chief accounting officer directly owned 5,062 shares in the company, valued at approximately $926,750.96. The trade was a 4.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Emmanuel Caprais sold 5,500 shares of the company’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $185.23, for a total transaction of $1,018,765.00. Following the sale, the chief financial officer directly owned 36,830 shares of the company’s stock, valued at approximately $6,822,020.90. This represents a 12.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.47% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. UBS Group lifted their target price on ITT from $168.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Stifel Nicolaus boosted their price target on ITT from $202.00 to $203.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Bank of America increased their price objective on ITT from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Finally, KeyCorp lifted their price objective on ITT from $200.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $201.25.

ITT Stock Performance

ITT stock opened at $179.77 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.52 and a quick ratio of 0.99. ITT Inc. has a 1 year low of $105.64 and a 1 year high of $197.07. The company has a market cap of $14.02 billion, a P/E ratio of 29.86, a price-to-earnings-growth ratio of 2.42 and a beta of 1.40. The stock’s fifty day moving average price is $180.42 and its 200-day moving average price is $168.40.

ITT (NYSE:ITT) last posted its quarterly earnings data on Wednesday, October 29th. The conglomerate reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.11. The company had revenue of $999.10 million during the quarter, compared to analysts’ expectations of $973.69 million. ITT had a return on equity of 18.96% and a net margin of 12.67%.ITT’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 earnings per share. ITT has set its FY 2025 guidance at 6.620-6.680 EPS. On average, equities analysts forecast that ITT Inc. will post 6.51 earnings per share for the current year.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st will be paid a $0.351 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, December 1st. ITT’s dividend payout ratio is 23.26%.

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.