ITT (NYSE:ITT) Price Target Raised to $155.00 at DA Davidson

ITT (NYSE:ITT) had its price target hoisted by DA Davidson from $140.00 to $155.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the conglomerate’s stock. DA Davidson also issued estimates for ITT’s Q1 2024 earnings at $1.40 EPS and FY2025 earnings at $6.75 EPS.

Several other research firms have also commented on ITT. Citigroup increased their price objective on shares of ITT from $122.00 to $134.00 and gave the company a buy rating in a research note on Monday, December 11th. StockNews.com lowered shares of ITT from a strong-buy rating to a buy rating in a research note on Tuesday, February 6th. Finally, Stifel Nicolaus raised their price target on shares of ITT from $122.00 to $131.00 and gave the stock a buy rating in a research note on Tuesday, December 19th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, ITT currently has an average rating of Buy and an average price target of $124.57.

ITT Price Performance

ITT opened at $136.03 on Tuesday. ITT has a fifty-two week low of $75.82 and a fifty-two week high of $138.29. The firm has a market capitalization of $11.17 billion, a PE ratio of 27.43, a P/E/G ratio of 1.89 and a beta of 1.42. The company’s 50-day moving average is $125.80 and its 200 day moving average is $112.84.

ITT (NYSE:ITT) last posted its earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. The company had revenue of $829.10 million for the quarter, compared to analyst estimates of $814.38 million. ITT had a net margin of 12.50% and a return on equity of 17.91%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.29 EPS. As a group, analysts expect that ITT will post 5.76 EPS for the current year.

ITT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 0.94%. This is an increase from ITT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Thursday, March 7th. ITT’s dividend payout ratio (DPR) is presently 25.81%.

Institutional Trading of ITT

A number of hedge funds have recently made changes to their positions in the stock. Signaturefd LLC boosted its stake in ITT by 8.2% during the fourth quarter. Signaturefd LLC now owns 1,150 shares of the conglomerate’s stock worth $137,000 after acquiring an additional 87 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of ITT by 0.5% in the fourth quarter. State of Michigan Retirement System now owns 19,729 shares of the conglomerate’s stock worth $2,354,000 after buying an additional 100 shares in the last quarter. Kestra Advisory Services LLC lifted its stake in shares of ITT by 3.8% in the fourth quarter. Kestra Advisory Services LLC now owns 2,821 shares of the conglomerate’s stock worth $337,000 after buying an additional 103 shares in the last quarter. Round Rock Advisors LLC raised its holdings in shares of ITT by 0.5% during the fourth quarter. Round Rock Advisors LLC now owns 20,183 shares of the conglomerate’s stock valued at $2,408,000 after purchasing an additional 104 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of ITT by 3.9% during the second quarter. Franklin Resources Inc. now owns 2,766 shares of the conglomerate’s stock valued at $258,000 after purchasing an additional 105 shares during the last quarter. 91.59% of the stock is owned by 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.