Ramirez Asset Management Inc. Increases Stake in ITT Inc.

Ramirez Asset Management Inc. significantly increased its investment in ITT Inc. (NYSE:ITT) by an impressive 290.3% during the fourth quarter, as per the latest filing with the Securities and Exchange Commission. This institutional investor now holds a total of 8,578 shares of ITT, having added 6,380 shares to its portfolio during this period. At the end of the last quarter, Ramirez Asset Management's shares in ITT were valued at approximately $1,226,000.

Other Institutional Investments

In addition to Ramirez Asset Management, several other hedge funds and institutional investors have also adjusted their holdings in ITT recently. For instance, Rialto Wealth Management LLC entered a new position in ITT, investing about $26,000 in the fourth quarter. Similarly, Resources Management Corp CT ADV acquired a stake worth $30,000 in ITT during the third quarter. ORG Wealth Partners LLC also joined in, purchasing shares of ITT valued at $30,000 in the fourth quarter. Additionally, Whipplewood Advisors LLC made a new investment worth $34,000 in ITT during the same quarter. Another notable change came from Private Trust Co. NA, which increased its stake in ITT by 232.2% during the third quarter. After acquiring an additional 209 shares, Private Trust Co. NA now holds a total of 299 shares worth $45,000. Overall, 91.59% of ITT's stock is held by institutional investors and hedge funds.

Market Analyst Insights

ITT has attracted attention from various research analysts. Notably, StockNews.com upgraded ITT from a "hold" rating to a "buy" rating in a recent report. Citigroup also revised its target price for ITT shares, lowering it from $183.00 to $181.00 while maintaining a "buy" rating. UBS Group increased its price target from $165.00 to $168.00, also giving ITT a "buy" rating. Meanwhile, Stifel Nicolaus adjusted their price objective from $180.00 to $179.00 while reaffirming a "buy" rating. KeyCorp also raised its target price from $164.00 to $170.00, maintaining an "overweight" rating. As it stands, one investment analyst has rated the stock as a hold, while eight others have assigned it a buy rating, leading to a consensus rating of "Moderate Buy" with an average price target of $170.29, according to MarketBeat data.

Stock Performance of ITT

The trading price for ITT (NYSE:ITT) opened at $134.26 on the last trading day. The company has a quick ratio of 0.96 and a current ratio of 1.40, paired with a low debt-to-equity ratio of 0.08. Currently, ITT has a market capitalization of $10.93 billion, with a price-to-earnings (PE) ratio of 21.31 and a price-to-earnings-growth ratio of 1.89. The firm's 50-day moving average is $143.08, while its 200-day moving average stands at $145.93. Over the past year, ITT's stock has fluctuated between a low of $121.01 and a high of $161.13.

Quarterly Earnings Report

On February 6, ITT released its quarterly earnings report, revealing earnings per share (EPS) of $1.50. This exceeded the consensus estimate of $1.48 by $0.02. Furthermore, the company reported a return on equity of 18.03% and a net margin of 14.27%. Analysts project ITT to achieve an EPS of 6.51 in the current fiscal year.

Dividend Increase Announced

Additionally, ITT recently announced a quarterly dividend that will be paid on March 31. Shareholders on record by March 6 will receive a dividend of $0.351, which marks an increase from the prior quarterly dividend of $0.32. The ex-dividend date is set for March 6, representing an annualized dividend yield of 1.05% and a payout ratio of 22.22%.

About ITT Inc.

ITT Inc., along with its subsidiaries, engages in the manufacturing and sale of engineered critical components and tailored technology solutions primarily for the transportation, industrial, and energy sectors, both in the United States and globally. Within its Motion Technologies segment, ITT produces brake pads, shims, shock absorbers, and energy absorption components, focusing mainly on the transportation industry, which includes passenger vehicles, trucks, as well as various commercial and military vehicles.

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