ITT (NYSE:ITT) Given New $251.00 Price Target at Citigroup

ITT (NYSE:ITT) had its price target lowered by analysts at Citigroup from $267.00 to $251.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the conglomerate’s stock. Citigroup‘s price target would suggest a potential upside of 22.21% from the stock’s previous close.

Several other research firms have also recently weighed in on ITT. DA Davidson lifted their price objective on ITT from $255.00 to $265.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. KeyCorp increased their target price on ITT from $250.00 to $263.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings cut ITT from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Wolfe Research began coverage on ITT in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $272.00 target price for the company. Finally, BMO Capital Markets restated an “outperform” rating and set a $273.00 price target on shares of ITT in a research report on Friday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $258.44.

ITT Trading Up 4.8%

NYSE ITT traded up $9.46 during trading on Friday, hitting $205.38. The company had a trading volume of 1,391,354 shares, compared to its average volume of 894,277. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 0.60. ITT has a one year low of $166.96 and a one year high of $230.32. The company has a market cap of $18.36 billion, a price-to-earnings ratio of 42.26, a price-to-earnings-growth ratio of 1.64 and a beta of 1.25. The company’s fifty day moving average is $201.19 and its 200-day moving average is $199.22.

ITT (NYSE:ITT) last announced its quarterly earnings results on Wednesday, November 4th. The conglomerate reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.18. ITT had a net margin of 8.07% and a return on equity of 15.66%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $1.78 earnings per share. ITT’s quarterly revenue was up 44.2% on a year-over-year basis. On average, sell-side analysts predict that ITT will post 8.25 earnings per share for the current year.

Insider Transactions at ITT

In other ITT news, CEO Luca Savi acquired 5,019 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $199.56 per share, with a total value of $1,001,591.64. Following the completion of the purchase, the chief executive officer directly owned 267,373 shares of the company’s stock, valued at approximately $53,356,955.88. The trade was a 1.91% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ITT

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of ITT in the 2nd quarter worth approximately $1,715,593,000. Findlay Park Partners LLP purchased a new stake in shares of ITT in the 2nd quarter worth approximately $276,395,000. Bank of America Corp DE bought a new position in ITT during the 2nd quarter valued at approximately $173,436,000. Wellington Management Group LLP increased its position in ITT by 16.5% during the 2nd quarter. Wellington Management Group LLP now owns 825,147 shares of the conglomerate’s stock valued at $163,181,000 after buying an additional 117,155 shares in the last quarter. Finally, Jupiter Topco LLC bought a new position in ITT during the 2nd quarter valued at approximately $127,872,000. Institutional investors own 91.59% of the company’s stock.

About ITT

ITT Inc (NYSE: ITT) is a global industrial manufacturer that designs and produces highly engineered components and technology solutions for transportation, industrial, energy, aerospace, defense and other specialized markets. The company serves original equipment manufacturers, distributors and end users through operations in North America, Europe, Asia and other international markets.

ITT operates through three primary business segments. Motion Technologies develops brake pads, shock absorbers, sealing products and other engineered components used in automotive, rail and related transportation applications.