ITT (NYSE:ITT) Sets New 52-Week High Following Analyst Upgrade

ITT Inc. (NYSE:ITT) hit a new 52-week high during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $150.00 to $166.00. The Goldman Sachs Group currently has a buy rating on the stock. ITT traded as high as $152.71 and last traded at $152.42, with a volume of 36298 shares trading hands. The stock had previously closed at $148.97.

Several other analysts have also recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of ITT from $150.00 to $157.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. TD Cowen lifted their price objective on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, KeyCorp lifted their price objective on shares of ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $152.88.

Institutional Trading of ITT

Hedge funds have recently added to or reduced their stakes in the company. Lynx Investment Advisory purchased a new stake in ITT during the second quarter worth $27,000. Rise Advisors LLC lifted its holdings in ITT by 788.5% during the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 205 shares in the last quarter. UMB Bank n.a. lifted its holdings in ITT by 315.8% during the third quarter. UMB Bank n.a. now owns 237 shares of the conglomerate’s stock valued at $35,000 after purchasing an additional 180 shares in the last quarter. Headlands Technologies LLC purchased a new position in ITT during the second quarter valued at $32,000. Finally, Brown Brothers Harriman & Co. purchased a new position in ITT during the second quarter valued at $36,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Trading Up 2.1 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.10. The firm has a market capitalization of $12.42 billion, a PE ratio of 29.02, a P/E/G ratio of 2.01 and a beta of 1.40. The company’s fifty day simple moving average is $138.97 and its 200-day simple moving average is $134.76.

ITT (NYSE:ITT) last posted its quarterly earnings data on Thursday, August 1st. The conglomerate reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.03. The business had revenue of $905.90 million for the quarter, compared to the consensus estimate of $916.38 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. As a group, sell-side analysts expect that ITT Inc. will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend was Tuesday, September 3rd. ITT’s dividend payout ratio (DPR) is 24.43%.

ITT Company Profile

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. 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.