Robert W. Baird reiterated their buy rating on shares of ITT (NYSE:ITT) in a research report sent to investors on Wednesday morning. They currently have a $65.00 price objective on the conglomerate’s stock.
ITT has been the topic of several other research reports. Zacks Investment Research raised shares of ITT from a hold rating to a buy rating and set a $70.00 target price on the stock in a report on Wednesday, August 8th. ValuEngine downgraded shares of ITT from a buy rating to a hold rating in a report on Tuesday, October 16th. Oppenheimer reaffirmed a buy rating and issued a $67.00 target price (up previously from $60.00) on shares of ITT in a report on Friday, August 3rd. DA Davidson set a $70.00 target price on shares of ITT and gave the company a buy rating in a report on Monday, August 6th. Finally, KeyCorp lifted their target price on shares of ITT from $65.00 to $68.00 and gave the company an overweight rating in a report on Monday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $66.63.
Shares of NYSE:ITT traded down $0.25 during midday trading on Wednesday, hitting $56.56. The stock had a trading volume of 733,908 shares, compared to its average volume of 947,608. The company has a market cap of $4.96 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.46 and a beta of 1.71. ITT has a 1 year low of $46.10 and a 1 year high of $63.04.
ITT (NYSE:ITT) last issued its earnings results on Friday, November 2nd. The conglomerate reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.03. The business had revenue of $680.60 million for the quarter, compared to the consensus estimate of $677.36 million. ITT had a net margin of 7.80% and a return on equity of 16.10%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. As a group, sell-side analysts forecast that ITT will post 3.15 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued a dividend of $0.134 per share. This represents a $0.54 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Thursday, December 6th. ITT’s dividend payout ratio is currently 20.85%.
Hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. purchased a new stake in ITT during the third quarter worth about $128,000. Bessemer Group Inc. boosted its holdings in ITT by 593.9% during the third quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock worth $173,000 after buying an additional 2,423 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in ITT during the third quarter worth about $176,000. CIBC Asset Management Inc purchased a new stake in ITT during the third quarter worth about $206,000. Finally, Welch & Forbes LLC purchased a new stake in ITT during the third quarter worth about $208,000. 90.85% of the stock is currently owned by hedge funds and other institutional investors.
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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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