ITT (NYSE:ITT) Price Target Raised to $105.00 at TD Cowen

ITT (NYSE:ITT) had its price target raised by TD Cowen from $100.00 to $105.00 in a report released on Tuesday, Benzinga reports. TD Cowen currently has an outperform rating on the conglomerate’s stock.

Other analysts have also recently issued reports about the stock. Bank of America boosted their price objective on shares of ITT from $97.00 to $105.00 in a research note on Friday, July 14th. Stifel Nicolaus upped their target price on shares of ITT from $106.00 to $113.00 and gave the company a buy rating in a research note on Wednesday, July 19th. Citigroup upped their target price on shares of ITT from $98.00 to $109.00 in a research note on Monday, July 10th. Robert W. Baird boosted their price target on shares of ITT from $101.00 to $107.00 and gave the company an outperform rating in a report on Friday, August 4th. Finally, KeyCorp boosted their price target on shares of ITT from $110.00 to $115.00 and gave the company an overweight rating in a report on Friday, August 4th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ITT currently has an average rating of Buy and an average target price of $108.43.

ITT Stock Performance

NYSE ITT opened at $101.53 on Tuesday. ITT has a one year low of $64.51 and a one year high of $102.96. The company has a 50-day simple moving average of $96.21 and a 200-day simple moving average of $88.93. The firm has a market capitalization of $8.34 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 1.53 and a beta of 1.46.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, August 3rd. The conglomerate reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $833.90 million for the quarter, compared to the consensus estimate of $795.91 million. ITT had a net margin of 13.48% and a return on equity of 18.43%. ITT’s revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. Equities analysts forecast that ITT will post 5.06 earnings per share for the current year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be paid a dividend of $0.29 per share. The ex-dividend date is Thursday, August 31st. This represents a $1.16 dividend on an annualized basis and a yield of 1.14%. ITT’s payout ratio is 22.61%.

Insider Buying and Selling

In other news, SVP Maurine C. Lembesis sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $101.44, for a total transaction of $405,760.00. Following the completion of the transaction, the senior vice president now directly owns 17,146 shares of the company’s stock, valued at approximately $1,739,290.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL bought a new stake in ITT in the second quarter valued at approximately $2,433,000. Osaic Holdings Inc. raised its position in shares of ITT by 6.5% during the second quarter. Osaic Holdings Inc. now owns 15,692 shares of the conglomerate’s stock worth $1,464,000 after purchasing an additional 957 shares during the period. Teachers Retirement System of The State of Kentucky raised its position in shares of ITT by 3.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 37,336 shares of the conglomerate’s stock worth $3,480,000 after purchasing an additional 1,361 shares during the period. Imprint Wealth LLC acquired a new position in shares of ITT during the second quarter worth approximately $3,768,000. Finally, Alliancebernstein L.P. grew its holdings in ITT by 1.1% during the second quarter. Alliancebernstein L.P. now owns 1,721,769 shares of the conglomerate’s stock worth $160,486,000 after buying an additional 18,112 shares in the last quarter. Institutional investors and hedge funds own 91.15% of the company’s stock.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.