ITT (NYSE:ITT) Sets New 1-Year High – Here’s Why

Shares of ITT Inc. (NYSE:ITT) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $155.61 and last traded at $155.39, with a volume of 71887 shares trading hands. The stock had previously closed at $152.20.

Wall Street Analyst Weigh In

ITT has been the subject of a number of recent research reports. TD Cowen increased their target price on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird lowered their target price on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Stifel Nicolaus increased their target price on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. KeyCorp increased their target price on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Finally, The Goldman Sachs Group increased their target price on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $161.88.

ITT Trading Up 1.9 %

The business has a 50 day simple moving average of $148.28 and a two-hundred day simple moving average of $138.68. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 2.02 and a beta of 1.41.

ITT (NYSE:ITT) last issued its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. The firm had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. ITT’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 EPS. As a group, equities analysts anticipate that ITT Inc. will post 5.84 EPS for the current year.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.81%. ITT’s payout ratio is 21.84%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ITT. Eagle Asset Management Inc. acquired a new position in shares of ITT in the 3rd quarter worth approximately $67,503,000. Mawer Investment Management Ltd. bought a new stake in shares of ITT in the 2nd quarter worth approximately $49,043,000. Select Equity Group L.P. lifted its holdings in shares of ITT by 11.7% in the 2nd quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock worth $431,512,000 after purchasing an additional 351,206 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of ITT by 200.4% in the 2nd quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock worth $50,823,000 after purchasing an additional 262,470 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of ITT by 115.6% in the 2nd quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock worth $31,717,000 after purchasing an additional 131,708 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

About ITT

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.