Royal Bank of Canada Increases Position in ITT Inc. $ITT

Royal Bank of Canada increased its position in shares of ITT Inc. (NYSE:ITT) by 16.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,549 shares of the conglomerate’s stock after purchasing an additional 21,045 shares during the period. Royal Bank of Canada owned 0.17% of ITT worth $28,111,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Amundi increased its stake in ITT by 22,565.6% in the 1st quarter. Amundi now owns 7,253 shares of the conglomerate’s stock worth $867,000 after buying an additional 7,221 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of ITT by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 418,238 shares of the conglomerate’s stock valued at $54,020,000 after acquiring an additional 28,937 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of ITT in the first quarter valued at about $360,000. Focus Partners Wealth boosted its stake in shares of ITT by 80.7% in the first quarter. Focus Partners Wealth now owns 7,871 shares of the conglomerate’s stock worth $1,017,000 after acquiring an additional 3,515 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of ITT in the second quarter worth about $1,880,000. Institutional investors own 91.59% of the company’s stock.

ITT Stock Up 3.3%

NYSE:ITT opened at $205.05 on Wednesday. The company has a market cap of $18.33 billion, a price-to-earnings ratio of 36.16, a price-to-earnings-growth ratio of 1.87 and a beta of 1.27. ITT Inc. has a twelve month low of $163.30 and a twelve month high of $225.26. The company has a current ratio of 1.53, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71. The stock has a fifty day simple moving average of $193.21 and a 200-day simple moving average of $196.53.

ITT (NYSE:ITT) last posted its quarterly earnings results on Wednesday, May 6th. The conglomerate reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.21. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.12 billion. ITT had a net margin of 10.80% and a return on equity of 16.83%. The business’s revenue for the quarter was up 32.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 earnings per share. Analysts anticipate that ITT Inc. will post 7.89 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on ITT shares. Weiss Ratings downgraded shares of ITT from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Stifel Nicolaus lifted their price target on shares of ITT from $246.00 to $250.00 and gave the company a “buy” rating in a report on Monday, July 20th. KeyCorp boosted their price target on shares of ITT from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Wall Street Zen downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Wolfe Research upgraded ITT from a “peer perform” rating to an “outperform” rating and set a $229.00 price objective for the company in a research report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $234.75.

Insider Activity

In other ITT news, CAO Mesa Graziano Cheryl De sold 200 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $208.41, for a total value of $41,682.00. Following the transaction, the chief accounting officer directly owned 7,859 shares in the company, valued at $1,637,894.19. This represents a 2.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lori B. Marino sold 7,123 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $208.27, for a total transaction of $1,483,507.21. Following the transaction, the insider directly owned 8,729 shares in the company, valued at approximately $1,817,988.83. This trade represents a 44.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.88% of the stock is owned by insiders.

ITT Profile

ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.

The company’s operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.