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

ITT (NYSE:ITT) had its target price increased by DA Davidson from $140.00 to $155.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have 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.

ITT has been the topic of a number of other research reports. Stifel Nicolaus boosted their price objective on ITT from $122.00 to $131.00 and gave the stock a buy rating in a research note on Tuesday, December 19th. Citigroup boosted their price objective on ITT from $122.00 to $134.00 and gave the stock a buy rating in a research note on Monday, December 11th. Finally, StockNews.com downgraded ITT from a strong-buy rating to a buy rating in a research note on Tuesday, February 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of Buy and a consensus price target of $124.57.

ITT Price Performance

Shares of ITT stock opened at $136.03 on Tuesday. The business’s fifty day moving average price is $125.80 and its two-hundred day moving average price is $112.84. The company has a market capitalization of $11.17 billion, a P/E ratio of 27.43, a PEG ratio of 1.89 and a beta of 1.42. ITT has a 1-year low of $75.82 and a 1-year high of $138.29.

ITT (NYSE:ITT) last announced its earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share 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 the consensus estimate of $814.38 million. During the same quarter in the previous year, the business earned $1.29 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts expect that ITT will post 5.76 earnings per share for the current fiscal year.

ITT Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Natixis Advisors L.P. grew its holdings in shares of ITT by 28.7% during the third quarter. Natixis Advisors L.P. now owns 74,409 shares of the conglomerate’s stock valued at $7,286,000 after buying an additional 16,614 shares in the last quarter. State of Wyoming grew its holdings in shares of ITT by 20.7% during the second quarter. State of Wyoming now owns 3,266 shares of the conglomerate’s stock valued at $304,000 after buying an additional 559 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of ITT by 198.0% during the third quarter. Assenagon Asset Management S.A. now owns 64,364 shares of the conglomerate’s stock valued at $6,302,000 after buying an additional 42,767 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of ITT by 0.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,732,008 shares of the conglomerate’s stock valued at $169,581,000 after buying an additional 5,495 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of ITT by 46.6% during the third quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock valued at $60,130,000 after buying an additional 195,111 shares in the last quarter. Hedge funds and other institutional investors own 91.59% of the company’s stock.

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.