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EverSource Wealth Advisors LLC Increases Position in ITT Inc. (NYSE:ITT)

Defense World · Sep 17, 2022 04:32

EverSource Wealth Advisors LLC increased its stake in shares of ITT Inc. (NYSE:ITT – Get Rating) by 426.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,422 shares of the conglomerate's stock after buying an additional 1,152 shares during the quarter. EverSource Wealth Advisors LLC's holdings in ITT were worth $107,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Capital International Investors grew its holdings in shares of ITT by 7.2% during the fourth quarter. Capital International Investors now owns 9,913,100 shares of the conglomerate's stock valued at $1,013,020,000 after buying an additional 669,698 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in ITT by 2.9% in the fourth quarter. Alliancebernstein L.P. now owns 2,321,312 shares of the conglomerate's stock valued at $237,215,000 after purchasing an additional 65,659 shares during the last quarter. State Street Corp boosted its holdings in ITT by 4.0% in the first quarter. State Street Corp now owns 2,254,374 shares of the conglomerate's stock valued at $170,136,000 after purchasing an additional 87,718 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in ITT by 1.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,196,584 shares of the conglomerate's stock valued at $89,996,000 after purchasing an additional 21,618 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in ITT by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 1,072,937 shares of the conglomerate's stock valued at $109,643,000 after purchasing an additional 12,464 shares during the last quarter. 91.12% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

ITT has been the topic of several recent research reports. Bank of America lowered shares of ITT from a "buy" rating to a "neutral" rating and lowered their price target for the company from $113.00 to $74.00 in a report on Monday, July 11th. Cowen lowered their target price on shares of ITT from $105.00 to $92.00 and set an "outperform" rating on the stock in a research note on Monday, June 13th. StockNews.com raised shares of ITT from a "hold" rating to a "buy" rating in a research note on Friday, August 5th. TheStreet raised shares of ITT from a "c+" rating to a "b-" rating in a research note on Tuesday, August 23rd. Finally, DA Davidson lowered their target price on shares of ITT from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Tuesday, June 21st. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, ITT has an average rating of "Moderate Buy" and a consensus price target of $90.20.

ITT Stock Down 2.5 %

ITT opened at $70.51 on Friday. ITT Inc. has a twelve month low of $63.77 and a twelve month high of $105.54. The company has a 50-day moving average price of $74.41 and a 200 day moving average price of $73.40. The company has a market cap of $5.83 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.36 and a beta of 1.46.

ITT (NYSE:ITT – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The conglomerate reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. The firm had revenue of $733.30 million during the quarter, compared to the consensus estimate of $715.19 million. ITT had a net margin of 12.01% and a return on equity of 16.13%. The company's revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 EPS. As a group, sell-side analysts expect that ITT Inc. will post 4.43 earnings per share for the current year.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be issued a $0.264 dividend. The ex-dividend date is Thursday, September 1st. This represents a $1.06 dividend on an annualized basis and a yield of 1.50%. ITT's payout ratio is 26.63%.

Insider Buying and Selling at ITT

In other ITT news, SVP Mary Elizabeth Gustafsson sold 3,206 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $81.95, for a total value of $262,731.70. Following the completion of the sale, the senior vice president now owns 53,477 shares in the company, valued at approximately $4,382,440.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by insiders.

ITT Company Profile

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.