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

ITT Inc. (NYSE:ITT)’s share price reached a new 52-week high on Thursday after UBS Group raised their price target on the stock from $135.00 to $158.00. UBS Group currently has a buy rating on the stock. ITT traded as high as $138.62 and last traded at $138.49, with a volume of 110524 shares changing hands. The stock had previously closed at $136.39.

Other equities research analysts have also recently issued research reports about the company. Citigroup boosted their price objective on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. DA Davidson increased their price target on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Stifel Nicolaus upped their target price on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, KeyCorp raised their price target on ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $138.38.

Hedge Funds Weigh In On ITT

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC boosted its stake in shares of ITT by 788.5% in the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock valued at $31,000 after buying an additional 205 shares in the last quarter. AdvisorNet Financial Inc boosted its position in shares of ITT by 101.0% during the 4th quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after purchasing an additional 204 shares in the last quarter. Tradewinds Capital Management LLC acquired a new position in shares of ITT during the 1st quarter worth $68,000. Clearstead Advisors LLC increased its holdings in shares of ITT by 81.7% in the 3rd quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock valued at $54,000 after purchasing an additional 250 shares in the last quarter. Finally, YHB Investment Advisors Inc. acquired a new stake in shares of ITT in the first quarter valued at about $76,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Trading Up 1.1 %

The company has a quick ratio of 1.08, a current ratio of 1.59 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $130.20 and its 200 day moving average is $119.60. The stock has a market cap of $11.35 billion, a PE ratio of 27.03, a P/E/G ratio of 1.76 and a beta of 1.43.

ITT (NYSE:ITT) last announced its quarterly earnings results on Thursday, May 2nd. The conglomerate reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. ITT had a return on equity of 18.21% and a net margin of 12.41%. The business had revenue of $910.60 million for the quarter, compared to analyst estimates of $883.21 million. During the same quarter in the previous year, the company earned $1.17 EPS. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, analysts predict that ITT Inc. will post 5.8 earnings per share for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.93%. The ex-dividend date is Monday, June 3rd. ITT’s dividend payout ratio (DPR) is 24.90%.

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.