Allspring Global Investments Holdings LLC Decreases Stock Holdings in ITT Inc. $ITT

Allspring Global Investments Holdings LLC lessened its stake in shares of ITT Inc. (NYSE:ITT) by 0.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 95,234 shares of the conglomerate’s stock after selling 218 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.12% of ITT worth $15,100,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ITT. AdvisorNet Financial Inc boosted its holdings in ITT by 26.2% in the second quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate’s stock worth $76,000 after purchasing an additional 101 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of ITT by 72.7% during the 1st quarter. Farther Finance Advisors LLC now owns 786 shares of the conglomerate’s stock valued at $103,000 after buying an additional 331 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of ITT by 341.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 913 shares of the conglomerate’s stock worth $118,000 after buying an additional 706 shares during the last quarter. Quarry LP grew its holdings in shares of ITT by 273.4% in the first quarter. Quarry LP now owns 926 shares of the conglomerate’s stock worth $120,000 after acquiring an additional 678 shares during the period. Finally, Brooklyn Investment Group increased its position in ITT by 178.2% during the first quarter. Brooklyn Investment Group now owns 982 shares of the conglomerate’s stock valued at $127,000 after acquiring an additional 629 shares during the last quarter. 91.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ITT

In related news, CEO Luca Savi sold 36,385 shares of the business’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total value of $5,994,792.60. Following the sale, the chief executive officer owned 297,536 shares in the company, valued at approximately $49,022,031.36. The trade was a 10.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of ITT in a research report on Wednesday, October 8th. Bank of America boosted their price target on ITT from $190.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, September 16th. DA Davidson set a $190.00 price target on ITT and gave the stock a “buy” rating in a research report on Monday, August 4th. Cowen reaffirmed a “buy” rating on shares of ITT in a research report on Thursday, October 2nd. Finally, KeyCorp boosted their price objective on ITT from $192.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Eleven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $190.89.

ITT Stock Up 1.1%

Shares of ITT stock opened at $172.83 on Friday. The company’s fifty day simple moving average is $173.87 and its two-hundred day simple moving average is $156.70. ITT Inc. has a 52 week low of $105.64 and a 52 week high of $185.57. The stock has a market cap of $13.48 billion, a P/E ratio of 27.18, a PEG ratio of 2.11 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.

ITT (NYSE:ITT) last issued its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.02. The firm had revenue of $972.40 million for the quarter, compared to analysts’ expectations of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%.The business’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.49 earnings per share. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. Analysts predict that ITT Inc. will post 6.51 EPS for the current fiscal year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.351 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, September 2nd. ITT’s dividend payout ratio is currently 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.