ITT (NYSE:ITT) Given New $155.00 Price Target at DA Davidson

ITT (NYSE:ITT) had its price target raised by DA Davidson from $140.00 to $155.00 in a report released on Tuesday, Benzinga reports. DA Davidson 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, FY2024 earnings at $5.85 EPS and FY2025 earnings at $6.75 EPS.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus lifted their price target on ITT from $122.00 to $131.00 and gave the company a buy rating in a research report on Tuesday, December 19th. Citigroup boosted their target price on ITT from $122.00 to $134.00 and gave the stock a buy rating in a report on Monday, December 11th. Finally, StockNews.com downgraded ITT from a strong-buy rating to a buy rating in a report on Tuesday, February 6th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $124.57.

ITT Stock Performance

ITT opened at $136.03 on Tuesday. ITT has a 52-week low of $75.82 and a 52-week high of $138.29. The stock has a market capitalization of $11.17 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 1.88 and a beta of 1.42. The stock’s 50 day moving average price is $126.14 and its 200-day moving average price is $113.09.

ITT (NYSE:ITT) last posted its earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.34. ITT had a return on equity of 17.91% and a net margin of 12.50%. The firm had revenue of $829.10 million for the quarter, compared to analysts’ expectations of $814.38 million. During the same period in the previous year, the firm earned $1.29 earnings per share. The business’s revenue was up 7.0% compared to the same quarter last year. Research analysts forecast that ITT will post 5.77 EPS for the current fiscal year.

ITT Increases Dividend

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

Institutional Trading of ITT

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Select Equity Group L.P. purchased a new stake in shares of ITT during the fourth quarter worth about $106,328,000. Norges Bank purchased a new stake in shares of ITT during the fourth quarter worth about $102,709,000. Renaissance Technologies LLC purchased a new stake in shares of ITT during the first quarter worth about $35,055,000. Point72 Asset Management L.P. purchased a new stake in shares of ITT during the fourth quarter worth about $29,172,000. Finally, Goldman Sachs Group Inc. grew its position in shares of ITT by 58.4% during the first quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock worth $68,741,000 after purchasing an additional 336,860 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

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.