Citigroup Inc. Acquires 36,447 Shares of ITT Inc. (NYSE:ITT)

Posted by MarketBeat News on May 21st, 2023

Citigroup Inc. raised its holdings in shares of ITT Inc. (NYSE:ITT – Get Rating) by 143.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 61,812 shares of the conglomerate’s stock after buying an additional 36,447 shares during the period. Citigroup Inc.’s holdings in ITT were worth $5,013,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in ITT by 0.3% during the third quarter. Vanguard Group Inc. now owns 7,763,977 shares of the conglomerate’s stock valued at $507,298,000 after acquiring an additional 20,326 shares during the period. State Street Corp increased its holdings in shares of ITT by 4.0% in the first quarter. State Street Corp now owns 2,254,374 shares of the conglomerate’s stock worth $170,136,000 after purchasing an additional 87,718 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of ITT by 6.8% in the third quarter. Alliancebernstein L.P. now owns 2,227,574 shares of the conglomerate’s stock worth $145,550,000 after purchasing an additional 141,083 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of ITT by 0.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,646,916 shares of the conglomerate’s stock worth $107,610,000 after purchasing an additional 11,438 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of ITT by 2.1% in the fourth quarter. Boston Partners now owns 1,385,114 shares of the conglomerate’s stock worth $112,383,000 after purchasing an additional 29,058 shares during the last quarter. 90.16% of the stock is owned by institutional investors.

ITT Price Performance

Shares of NYSE:ITT opened at $82.11 on Friday. ITT Inc. has a 1 year low of $63.77 and a 1 year high of $95.18. The business has a 50 day simple moving average of $82.82 and a two-hundred day simple moving average of $84.56. The firm has a market capitalization of $6.77 billion, a PE ratio of 17.43, a price-to-earnings-growth ratio of 1.34 and a beta of 1.41.

Want More Great Investing Ideas?

ITT (NYSE:ITT – Get Rating) last announced its earnings results on Thursday, May 4th. The conglomerate reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.07. The business had revenue of $797.90 million during the quarter, compared to analyst estimates of $777.24 million. ITT had a return on equity of 17.85% and a net margin of 12.82%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.97 earnings per share. Equities research analysts expect that ITT Inc. will post 4.84 EPS for the current fiscal year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Friday, June 9th will be issued a $0.29 dividend. The ex-dividend date is Thursday, June 8th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.41%. ITT’s payout ratio is 24.63%.

Wall Street Analyst Weigh In

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

Insider Activity at ITT

In related news, SVP Ryan F. Flynn sold 2,197 shares of the business’s stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $87.22, for a total value of $191,622.34. Following the completion of the sale, the senior vice president now owns 16,547 shares in the company, valued at $1,443,229.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by company insiders.

ITT Profile

(Get Rating)

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.