ITT (NYSE:ITT) Stock Price Target Cut by Citigroup

Key Points

• Citigroup cut its ITT price target to $251 from $267 but maintained a Buy rating, implying 22.21% upside from the stock’s then-current price.
• Analyst sentiment remained positive overall: eight analysts rated ITT Buy and one Hold, with a consensus “Moderate Buy” rating and an average target of $258.44.
• ITT beat quarterly expectations, reporting EPS of $2.26 versus $2.08 expected and revenue of $1.44 billion versus $1.42 billion; revenue increased 44.2% year over year.

ITT (NYSE:ITT - Get Free Report) had its price objective dropped by analysts at Citigroup from $267.00 to $251.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the conglomerate's stock. Citigroup's target price points to a potential upside of 22.21% from the stock's current price.

A number of other brokerages also recently issued reports on ITT. BMO Capital Markets reissued an "outperform" rating and issued a $273.00 price target on shares of ITT in a report on Friday, August 7th. Stifel Nicolaus set a $256.00 price objective on shares of ITT in a research note on Monday, October 19th. Weiss Ratings lowered shares of ITT from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 23rd. Wolfe Research initiated coverage on shares of ITT in a research note on Tuesday, September 15th. They issued an "outperform" rating and a $272.00 target price on the stock. Finally, DA Davidson increased their target price on shares of ITT from $255.00 to $265.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, ITT has a consensus rating of "Moderate Buy" and a consensus price target of $258.44.

ITT Stock Performance

Shares of NYSE:ITT traded up $9.46 during midday trading on Friday, reaching $205.38. 1,391,354 shares of the company traded hands, compared to its average volume of 894,277. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 0.60. ITT has a 12 month low of $166.96 and a 12 month high of $230.32. The firm has a market capitalization of $18.36 billion, a price-to-earnings ratio of 42.26, a price-to-earnings-growth ratio of 1.64 and a beta of 1.25. The firm's fifty day moving average price is $201.19 and its two-hundred day moving average price is $199.22.

ITT (NYSE:ITT - Get Free Report) last issued its earnings results on Wednesday, November 4th. The conglomerate reported $2.26 EPS for the quarter, topping the consensus estimate of $2.08 by $0.18. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.42 billion. ITT had a return on equity of 15.66% and a net margin of 8.07%. The firm's revenue was up 44.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.78 EPS. On average, equities analysts expect that ITT will post 8.25 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Luca Savi purchased 5,019 shares of the business's stock in a transaction on Monday, August 31st. The stock was acquired at an average price of $199.56 per share, with a total value of $1,001,591.64. Following the purchase, the chief executive officer directly owned 267,373 shares in the company, valued at approximately $53,356,955.88. This represents a 1.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is currently owned by corporate insiders.

Institutional Trading of ITT

A number of hedge funds have recently made changes to their positions in ITT. Pension & Wealth Management Advisors Inc. purchased a new position in ITT during the 3rd quarter valued at about $26,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in ITT in the 2nd quarter worth approximately $28,000. Trust Co. of Vermont purchased a new stake in ITT in the 2nd quarter worth approximately $33,000. Jacobi Capital Management LLC bought a new stake in shares of ITT in the 3rd quarter worth approximately $35,000. Finally, Ascentis Independent Advisors bought a new stake in shares of ITT in the 1st quarter worth approximately $42,000. 91.59% of the stock is owned by institutional investors.

About ITT

ITT Inc NYSE: ITT is a global industrial manufacturer that designs and produces highly engineered components and technology solutions for transportation, industrial, energy, aerospace, defense and other specialized markets. The company serves original equipment manufacturers, distributors and end users through operations in North America, Europe, Asia and other international markets.

ITT operates through three primary business segments. Motion Technologies develops brake pads, shock absorbers, sealing products and other engineered components used in automotive, rail and related transportation applications.

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