ITT (NYSE:ITT) Price Target Raised to $155.00

ITT (NYSE:ITT) had its target price lifted by DA Davidson from $140.00 to $155.00 in a report published on Tuesday morning, 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 analysts have also recently issued reports about the company. Citigroup raised their price objective on ITT from $122.00 to $134.00 and gave the company a buy rating in a report on Monday, December 11th. StockNews.com cut ITT from a strong-buy rating to a buy rating in a report on Tuesday, February 6th. Finally, Stifel Nicolaus raised their price objective on ITT from $122.00 to $131.00 and gave the company a buy rating in a report on Tuesday, December 19th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $124.57.

ITT Trading Down 0.6 %

Shares of ITT opened at $136.03 on Tuesday. The company has a market cap 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 has a 50-day moving average price of $126.14 and a 200-day moving average price of $113.09. ITT has a 12-month low of $75.82 and a 12-month high of $138.29.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.34. The firm had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. ITT had a return on equity of 17.91% and a net margin of 12.50%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the company posted $1.29 EPS. As a group, analysts predict that ITT will post 5.77 earnings per share for the current 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 paid a $0.319 dividend. This is a boost from ITT’s previous quarterly dividend of $0.29. This represents a $1.28 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Thursday, March 7th. ITT’s payout ratio is 25.81%.

Hedge Funds Weigh In On ITT

A number of large investors have recently bought and sold shares of ITT. IFP Advisors Inc increased its stake in shares of ITT by 63.4% during the third quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock valued at $30,000 after buying an additional 118 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of ITT during the third quarter valued at approximately $34,000. KB Financial Partners LLC purchased a new position in shares of ITT during the first quarter valued at approximately $36,000. AdvisorNet Financial Inc increased its stake in shares of ITT by 101.0% during the fourth quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock valued at $48,000 after buying an additional 204 shares during the period. Finally, Clearstead Advisors LLC increased its stake in shares of ITT by 81.7% during the third quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock valued at $54,000 after buying an additional 250 shares during the period. 91.59% of the stock is owned by hedge funds and other 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.