ITT (NYSE:ITT) Coverage Initiated at Wolfe Research

Wolfe Research initiated coverage on shares of ITT (NYSE:ITT) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm issued a peer perform rating on the conglomerate’s stock.

ITT has been the topic of several other research reports. KeyCorp lifted their price target on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Citigroup increased their price target on ITT from $176.00 to $183.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Robert W. Baird lowered their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Stifel Nicolaus upped their target price on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $166.75.

ITT Trading Down 1.0 %

Shares of ITT stock opened at $150.68 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.09. The company has a market cap of $12.28 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 1.99 and a beta of 1.40. ITT has a 1 year low of $113.70 and a 1 year high of $161.13. The firm has a fifty day moving average price of $151.18 and a 200-day moving average price of $140.52.

ITT (NYSE:ITT) last issued its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The business had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. During the same quarter in the prior year, the business posted $1.37 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities analysts predict that ITT will post 5.84 earnings per share for the current year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be given a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.85%. ITT’s dividend payout ratio is currently 21.67%.

Institutional Investors Weigh In On ITT

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its holdings in ITT by 69.1% during the 2nd quarter. CWM LLC now owns 1,331 shares of the conglomerate’s stock valued at $172,000 after buying an additional 544 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of ITT by 3.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,313 shares of the conglomerate’s stock valued at $1,074,000 after acquiring an additional 266 shares during the period. Blue Trust Inc. lifted its holdings in shares of ITT by 38.7% in the 2nd quarter. Blue Trust Inc. now owns 423 shares of the conglomerate’s stock worth $58,000 after acquiring an additional 118 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of ITT by 1.6% in the 2nd quarter. Raymond James & Associates now owns 67,473 shares of the conglomerate’s stock worth $8,716,000 after acquiring an additional 1,036 shares during the last quarter. Finally, Leeward Investments LLC MA boosted its stake in shares of ITT by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 196,174 shares of the conglomerate’s stock worth $25,342,000 after purchasing an additional 10,485 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.