ITT (NYSE:ITT) Sets New 1-Year High at $122.44

ITT Inc. (NYSE:ITTGet Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $122.44 and last traded at $122.39, with a volume of 268234 shares changing hands. The stock had previously closed at $119.95.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ITT. Stifel Nicolaus increased their price objective on shares of ITT from $122.00 to $131.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. StockNews.com raised shares of ITT from a “buy” rating to a “strong-buy” rating in a report on Monday. Citigroup raised their target price on shares of ITT from $122.00 to $134.00 and gave the company a “buy” rating in a report on Monday, December 11th. Finally, Bank of America raised shares of ITT from a “neutral” rating to a “buy” rating and raised their target price for the company from $105.00 to $125.00 in a report on Thursday, November 16th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $117.43.

Read Our Latest Stock Report on ITT

ITT Price Performance

The business has a 50-day moving average of $115.72 and a 200-day moving average of $104.82. The company has a market capitalization of $10.12 billion, a P/E ratio of 23.53, a P/E/G ratio of 1.60 and a beta of 1.43.

ITT (NYSE:ITTGet Free Report) last posted its earnings results on Thursday, November 2nd. The conglomerate reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. ITT had a return on equity of 18.30% and a net margin of 13.45%. The company had revenue of $822.10 million for the quarter, compared to analyst estimates of $809.87 million. Sell-side analysts predict that ITT Inc. will post 5.21 EPS for the current fiscal year.

ITT declared that its board has initiated a stock repurchase plan on Wednesday, October 4th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the conglomerate to buy up to 12.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at ITT

In other ITT news, SVP Ryan F. Flynn sold 2,500 shares of ITT stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $113.44, for a total value of $283,600.00. Following the transaction, the senior vice president now owns 14,047 shares in the company, valued at $1,593,491.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Don Defosset sold 9,996 shares of ITT stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $101.25, for a total transaction of $1,012,095.00. Following the completion of the sale, the director now owns 20,694 shares of the company’s stock, valued at $2,095,267.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Ryan F. Flynn sold 2,500 shares of ITT stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $113.44, for a total value of $283,600.00. Following the sale, the senior vice president now directly owns 14,047 shares of the company’s stock, valued at approximately $1,593,491.68. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Capital International Investors lifted its holdings in ITT by 0.5% in the second quarter. Capital International Investors now owns 9,367,651 shares of the conglomerate’s stock valued at $873,023,000 after acquiring an additional 47,473 shares during the period. Vanguard Group Inc. raised its stake in shares of ITT by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 7,763,977 shares of the conglomerate’s stock worth $507,298,000 after buying an additional 20,326 shares during the period. FMR LLC raised its stake in shares of ITT by 1.9% during the 3rd quarter. FMR LLC now owns 7,581,649 shares of the conglomerate’s stock worth $742,319,000 after buying an additional 144,394 shares during the period. BlackRock Inc. raised its stake in shares of ITT by 1.0% during the 1st quarter. BlackRock Inc. now owns 7,156,066 shares of the conglomerate’s stock worth $617,569,000 after buying an additional 68,487 shares during the period. Finally, State Street Corp raised its stake in shares of ITT by 1.3% during the 1st quarter. State Street Corp now owns 2,291,488 shares of the conglomerate’s stock worth $198,426,000 after buying an additional 29,808 shares during the period. 90.73% of the stock is owned by institutional investors and hedge funds.

ITT Company Profile

(Get Free Report)

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.

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