Capital Research & Management Co recently announced the acquisition of new stake in ITT Inc. (NYSE:ITT). The institutional investor has increased its shareholding in the Industrials company by 0.01% to 9.73 million shares with purchase of 677.0 shares. This fresh investment now brings its stake to 11.77% valued currently at $822.74 million. In addition, The Vanguard Group, Inc. raised its holdings by 23671.0 to 7.67 million shares. And Fidelity Management & Research Co has lifted its position by 3.26% or 0.17 million shares – to 5.28 million shares.
With over 0.64 million ITT Inc. (ITT) shares trading Tuesday and a closing price of $85.00 on the day, the dollar volume was approximately $53.99 million. The shares have shown a positive half year performance of 28.52% and its price on 01/10/23 gained nearly 0.11%. Currently, there are 82.70M common shares owned by the public and among those 82.25M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for ITT have a consensus price objective of $93.10. The analysts have set the share’s price value over the next 12 months at a high of $104.00 and a low of $88.00. The average price target is 6.28% above its recent price level and an upside to the estimated low will see the stock gain 3.41% over that period. But an upside of 18.27% will see the stock hit the forecast high price target while median target price for the stock is $92.00.
Insiders at the company have transacted a total of 59 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 186,099 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 75,268 shares.
The top 3 mutual fund holders in ITT Inc. are American Funds Fundamental Invest, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market Index. American Funds Fundamental Invest owns 5.56 million shares of the company’s stock, all valued at over $470.27 million. iShares Core S&P Mid Cap ETF sold 481.0 shares to see its total holdings shrink to 2.51 million shares valued at over $212.47 million and representing 3.04% of the shares outstanding. Vanguard Total Stock Market Index bought 2864.0 shares to bring its total holdings to over 2.49 million shares at a value of $210.79 million. Vanguard Total Stock Market Index now owns shares totaling to 3.02% of the shares outstanding.
Shares of ITT Inc. (NYSE: ITT) opened at $84.61, down -$0.3 from a prior closing price of $84.91. However, the script later moved the day high at 85.11, up 0.11%. The company’s stock has a 5-day price change of 3.73% and 23.39% over the past three months. ITT shares are trading 4.81% year to date (YTD), with the 12-month market performance down to -15.48% lower. It has a 12-month low price of $63.77 and touched a high of $101.84 over the same period. ITT has an average intraday trading volume of 402.42K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.07%, 5.29%, and 14.51% respectively.
Institutional ownership of ITT Inc. (NYSE: ITT) shares accounts for 92.50% of the company’s 82.70M shares outstanding. Mutual fund holders own 27.33%, while other institutional holders and individual stakeholders account for 64.68% and 1.31% respectively.
It has a market capitalization of $6.76B and a beta (3y monthly) value of 1.44. The stock’s trailing 12-month PE ratio is 20.16, while the earnings-per-share (ttm) stands at $4.22. The company has a PEG of 1.90 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.09% over the week and 2.26% over the month.
Analysts forecast that ITT Inc. (ITT) will achieve an EPS of $1.17 for the current quarter, $1.3 for the next quarter and $5.08 for 2023. The lowest estimate earnings-per-share for the quarter is $1.1 while analysts give the company a high EPS estimate of $1.2. Comparatively, EPS for the current quarter was $0.99 a year ago. Earnings per share for the fiscal year are expected to increase by 449.70%, and 13.09% over the next financial year. EPS should shrink at an annualized rate of 10.60% over the next five years, compared to 12.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate ITT Inc. (ITT) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 3 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ITT, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on July 11, 2022, with the firm’s price target at $113-$74. UBS coverage for the ITT Inc. (ITT) stock in a research note released on April 08, 2022 offered a Buy rating with a price target of $95. Oppenheimer was of a view on March 28, 2022 that the stock is Perform, while BofA Securities gave the stock Buy rating on December 08, 2021, issuing a price target of $112- $130. Citigroup on their part issued Buy rating on June 15, 2021.
