Pacer Advisors Inc. recently made significant adjustments to its stake in ITT Inc., a move that highlights the dynamic nature of institutional investment strategies in the current market. The firm dramatically reduced its holdings in the conglomerate’s stock by 83.6% in the first quarter, as detailed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). This substantial divestment saw Pacer Advisors Inc. sell 16,606 shares, leaving it with a remaining 3,262 shares of ITT stock.
The reported value of Pacer Advisors Inc.’s remaining stake in ITT stood at $421,000 as of its recent SEC filing, reflecting the scale of the capital shifts. This activity by Pacer Advisors is not an isolated incident; it mirrors broader movements within the institutional investor landscape regarding ITT shares. The pattern of stake adjustments underscores a continuous re-evaluation of portfolio allocations by major investment entities.
Other notable institutional investors also fine-tuned their positions in ITT during the first quarter. Cetera Investment Advisers, for instance, chose to increase its stake by 6.2%, acquiring an additional 390 shares to bring its total to 6,652 shares, valued at $859,000. Conversely, new players entered the scene, with Machina Capital S.A.S. and Oak Thistle LLC both establishing new positions in ITT, valued at approximately $261,000 and $730,000 respectively.
KLP Kapitalforvaltning AS also modestly raised its stake in ITT by 2.4%, adding 400 shares to reach 17,100 shares, which are now worth $2,209,000. Among the most substantial new entries was Universal Beteiligungs und Servicegesellschaft mbH, which acquired a significant new position in ITT during the first quarter, valued at around $4,036,000. Collectively, institutional investors and hedge funds now command a substantial 91.59% ownership of ITT stock, indicating strong institutional confidence or strategic positioning.
Brokerage firms have also been actively assessing ITT’s future prospects, with several providing updated price targets and ratings. The Goldman Sachs Group notably lifted its target price from $160.00 to $177.00, reiterating a “buy” rating. Citigroup followed suit, reaffirming a “buy” rating and raising its price objective to $186.00 from $159.00. Stifel Nicolaus also showed bullish sentiment, increasing its price objective to $202.00 and maintaining a “buy” rating for the company.
Further supporting the positive outlook, KeyCorp boosted its target price on ITT from $180.00 to $192.00, assigning an “overweight” rating. These updated analyst ratings contribute to a consensus “Moderate Buy” rating for ITT from MarketBeat.com data, with a combined average price target of $177.88. Such consistent upgrades from multiple financial institutions suggest a strong underlying belief in the company’s growth trajectory and market performance.
From a financial performance perspective, ITT Inc. has demonstrated robust metrics. The stock opened at $163.96 on a recent Friday, trading within a twelve-month range of $105.64 to $170.16. Key financial indicators include a 50-day moving average of $155.77 and a 200-day moving average of $145.08, indicating upward momentum. The company maintains healthy liquidity and leverage ratios, with a quick ratio of 0.80, a current ratio of 1.45, and a conservative debt-to-equity ratio of 0.24. Its market capitalization stands at $12.90 billion, complemented by a price-to-earnings ratio of 25.78, a PEG ratio of 2.14, and a beta of 1.38, reflecting its valuation and volatility relative to the market.
ITT Inc. recently reported strong quarterly earnings, surpassing analyst expectations. In its last announcement, the conglomerate posted $1.64 EPS for the quarter, outperforming the consensus estimate of $1.62 by $0.02. The business also reported revenues of $972.40 million, exceeding analyst forecasts of $947.48 million, marking a 7.3% year-over-year increase. With a net margin of 13.99% and a return on equity of 18.08%, ITT shows efficient profitability, and sell-side analysts project an EPS of 6.51 for the current fiscal year.
ITT Inc. is a global manufacturer of engineered critical components and customized technology solutions, serving the transportation, industrial, and energy markets across the United States and internationally. Its Motion Technologies segment produces essential components like brake pads, shims, and shock absorbers for various vehicles, underscoring its foundational role in critical industrial sectors. This comprehensive operational base, combined with robust financial performance and strong institutional backing, positions ITT Inc. as a notable entity in its respective markets.
