ITT (NYSE:ITT) was upgraded by investment analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, December 10th, MarketBeat.com reports. The brokerage currently has a $81.00 target price on the conglomerate’s stock, up from their prior target price of $70.00. Goldman Sachs Group’s price target would suggest a potential upside of 9.33% from the company’s previous close.
ITT has been the subject of a number of other research reports. Zacks Investment Research raised ITT from a “sell” rating to a “hold” rating and set a $63.00 target price for the company in a report on Monday, October 14th. ValuEngine raised ITT from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Robert W. Baird set a $75.00 target price on ITT and gave the company a “buy” rating in a report on Friday, November 1st. DA Davidson lifted their target price on ITT from $75.00 to $80.00 and gave the company a “positive” rating in a report on Tuesday, November 19th. Finally, KeyCorp lifted their target price on ITT from $70.00 to $80.00 in a report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $72.50.
ITT stock traded down $1.46 during midday trading on Tuesday, reaching $74.09. The stock had a trading volume of 839,134 shares, compared to its average volume of 496,346. ITT has a 12 month low of $47.53 and a 12 month high of $75.56. The firm’s 50-day moving average price is $71.67 and its 200 day moving average price is $63.72. The firm has a market capitalization of $6.63 billion, a PE ratio of 22.94, a P/E/G ratio of 2.13 and a beta of 1.67.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.07. ITT had a return on equity of 16.92% and a net margin of 11.00%. The business had revenue of $711.90 million for the quarter, compared to analysts’ expectations of $707.57 million. During the same period in the previous year, the business posted $0.82 EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts anticipate that ITT will post 3.74 earnings per share for the current fiscal year.
ITT announced that its Board of Directors has initiated a stock buyback program on Friday, November 1st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the conglomerate to buy up to 8.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other ITT news, insider Farrokh Batliwala sold 4,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $69.51, for a total value of $305,844.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mary Elizabeth Gustafsson sold 5,978 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $69.00, for a total value of $412,482.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,197 shares of company stock valued at $920,969. 1.00% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in ITT. First Trust Advisors LP raised its holdings in shares of ITT by 262.9% during the first quarter. First Trust Advisors LP now owns 49,852 shares of the conglomerate’s stock valued at $2,891,000 after acquiring an additional 36,114 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its holdings in shares of ITT by 5.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 96,018 shares of the conglomerate’s stock valued at $5,569,000 after acquiring an additional 4,720 shares in the last quarter. Virginia Retirement Systems ET AL raised its holdings in shares of ITT by 29.2% during the second quarter. Virginia Retirement Systems ET AL now owns 6,200 shares of the conglomerate’s stock valued at $406,000 after acquiring an additional 1,400 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in shares of ITT by 29.0% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 72,050 shares of the conglomerate’s stock valued at $4,718,000 after acquiring an additional 16,190 shares in the last quarter. Finally, Aperio Group LLC raised its holdings in shares of ITT by 33.5% during the second quarter. Aperio Group LLC now owns 27,059 shares of the conglomerate’s stock valued at $1,772,000 after acquiring an additional 6,787 shares in the last quarter. Institutional investors own 90.78% of the company’s stock.
About ITT
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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