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CVA Family Office LLC Purchases New Stake in ITT Inc. (NYSE:ITT)

Defense World · Sep 21, 2022 08:22

CVA Family Office LLC acquired a new position in shares of ITT Inc. (NYSE:ITT – Get Rating) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 390 shares of the conglomerate's stock, valued at approximately $26,000.

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

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Insider Activity at ITT

In other ITT news, SVP Mary Elizabeth Gustafsson sold 3,206 shares of ITT stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $81.95, for a total value of $262,731.70. Following the transaction, the senior vice president now directly owns 53,477 shares in the company, valued at $4,382,440.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ITT shares. KeyCorp reduced their price target on shares of ITT from $100.00 to $90.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 12th. DA Davidson cut 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. Cowen lowered their target price on ITT from $105.00 to $92.00 in a research note on Monday, June 13th. StockNews.com raised ITT from a "hold" rating to a "buy" rating in a research report on Friday, August 5th. Finally, Cowen decreased their price target on shares of ITT from $105.00 to $92.00 and set an "outperform" rating for the company in a research note on Monday, June 13th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $90.20.

ITT Price Performance

Shares of NYSE:ITT opened at $70.65 on Wednesday. ITT Inc. has a 12 month low of $63.77 and a 12 month high of $105.54. The firm has a market capitalization of $5.84 billion, a P/E ratio of 17.75, a P/E/G ratio of 1.33 and a beta of 1.46. The company's fifty day moving average price is $74.62 and its 200 day moving average price is $73.16.

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

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be issued a $0.264 dividend. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.49%. ITT's payout ratio is 26.63%.

ITT 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.