Robert W. Baird Cuts ITT (NYSE:ITT) Price Target to $163.00

ITT (NYSE:ITT) had its price objective lowered by Robert W. Baird from $165.00 to $163.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the conglomerate’s stock.

A number of other research firms have also weighed in on ITT. KeyCorp boosted their price objective on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Stifel Nicolaus lifted their price objective on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. TD Cowen upped their target price on ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, The Goldman Sachs Group raised 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. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $157.78.

ITT Price Performance

ITT stock opened at $140.53 on Wednesday. The stock’s 50 day moving average price is $142.94 and its 200 day moving average price is $136.20. The firm has a market cap of $11.45 billion, a P/E ratio of 23.98, a PEG ratio of 1.86 and a beta of 1.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.10 and a current ratio of 1.58. ITT has a 1 year low of $95.53 and a 1 year high of $153.99.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.03. The business had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.37 earnings per share. On average, sell-side analysts expect that ITT will post 5.82 earnings per share for the current fiscal year.

ITT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a $0.319 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a yield of 0.91%. ITT’s payout ratio is 21.84%.

Institutional Investors Weigh In On ITT

Several institutional investors have recently bought and sold shares of the business. Mawer Investment Management Ltd. acquired a new position in shares of ITT during the 2nd quarter valued at $49,043,000. Select Equity Group L.P. lifted its stake in shares of ITT by 11.7% during the second quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock worth $431,512,000 after purchasing an additional 351,206 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of ITT by 73.4% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock worth $92,751,000 after buying an additional 288,671 shares during the period. Millennium Management LLC grew its stake in shares of ITT by 200.4% in the second quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock valued at $50,823,000 after buying an additional 262,470 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of ITT by 115.6% during the 2nd quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock valued at $31,717,000 after buying an additional 131,708 shares during the period. 91.59% of the stock is currently owned by hedge funds and other 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.