Citigroup Has Lowered Expectations for ITT (NYSE:ITT) Stock Price

ITT (NYSE:ITT) had its target price trimmed by Citigroup from $183.00 to $181.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the conglomerate’s stock.

A number of other research firms have also recently commented on ITT. Robert W. Baird dropped their price objective on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Wolfe Research started coverage on ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating on the stock. KeyCorp increased their price target on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group lifted their price target on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, TD Cowen upped their target price on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $166.50.

ITT Stock Performance

Shares of ITT opened at $139.50 on Monday. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. ITT has a 12 month low of $116.59 and a 12 month high of $161.13. The firm has a fifty day simple moving average of $149.71 and a 200 day simple moving average of $142.76. The stock has a market capitalization of $11.37 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.95 and a beta of 1.41.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.03. The company had revenue of $885.20 million for the quarter, compared to analyst estimates of $884.50 million. ITT had a net margin of 13.67% and a return on equity of 17.98%. The company’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.37 earnings per share. Research analysts forecast that ITT will post 5.84 EPS for the current fiscal year.

ITT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th were paid a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, November 29th. ITT’s dividend payout ratio (DPR) is 21.67%.

Hedge Funds Weigh In On ITT

A number of institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC increased its holdings in shares of ITT by 2.7% in the 2nd quarter. Private Advisor Group LLC now owns 4,608 shares of the conglomerate’s stock worth $595,000 after purchasing an additional 122 shares in the last quarter. Headlands Technologies LLC purchased a new stake in ITT in the 2nd quarter worth approximately $32,000. American Century Companies Inc. raised its position in shares of ITT by 28.5% during the 2nd quarter. American Century Companies Inc. now owns 50,675 shares of the conglomerate’s stock valued at $6,546,000 after purchasing an additional 11,236 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of ITT by 14.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 11,562 shares of the conglomerate’s stock valued at $1,494,000 after acquiring an additional 1,468 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in ITT by 2.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 107,472 shares of the conglomerate’s stock worth $13,883,000 after purchasing an additional 2,705 shares during the period. 91.59% of the stock is owned by institutional investors.

About ITT

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.