Bank of America Issues Positive Forecast for ITT (NYSE:ITT) Stock Price

Key Points

• Bank of America has increased its price target for ITT stock from $190.00 to $210.00, suggesting a potential upside of 16.61% from its previous close.
• ITT received ratings from multiple analysts with several firms assigning "buy" ratings and increasing their price targets, helping to maintain a consensus rating of "Moderate Buy."
• The company's most recent quarterly earnings report showed an earnings per share (EPS) of $1.64, exceeding expectations and reflecting a year-over-year revenue increase of 7.3%.

ITT (NYSE:ITT - Get Free Report) had its price target increased by stock analysts at Bank of America from $190.00 to $210.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the conglomerate's stock. Bank of America's price target would suggest a potential upside of 16.61% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp increased their price target on shares of ITT from $192.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday. The Goldman Sachs Group upped their price objective on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. DA Davidson set a $190.00 price objective on shares of ITT and gave the stock a "buy" rating in a research report on Monday, August 4th. UBS Group upped their price objective on shares of ITT from $168.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Finally, Citigroup restated a "buy" rating and issued a $186.00 price objective (up from $159.00) on shares of ITT in a research report on Monday, July 14th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $188.11.

ITT Stock Performance

NYSE ITT traded up $0.01 during trading on Tuesday, hitting $180.08. 64,533 shares of the company's stock traded hands, compared to its average volume of 487,690. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of 28.38, a PEG ratio of 2.19 and a beta of 1.39. ITT has a 12-month low of $105.64 and a 12-month high of $181.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The business has a 50 day moving average of $166.03 and a 200-day moving average of $149.91.

ITT (NYSE:ITT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. ITT had a net margin of 13.99% and a return on equity of 18.08%. The firm had revenue of $972.40 million for the quarter, compared to the consensus estimate of $947.48 million. During the same period in the prior year, the firm posted $1.49 earnings per share. The company's revenue for the quarter was up 7.3% on a year-over-year basis. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. As a group, equities research analysts anticipate that ITT will post 6.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ITT news, CEO Luca Savi sold 36,385 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the transaction, the chief executive officer directly owned 297,536 shares in the company, valued at $49,022,031.36. This trade represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.47% of the stock is owned by insiders.

Institutional Trading of ITT

A number of institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. boosted its stake in shares of ITT by 36.0% during the second quarter. Osaic Holdings Inc. now owns 7,841 shares of the conglomerate's stock valued at $1,225,000 after purchasing an additional 2,077 shares during the period. Orion Porfolio Solutions LLC boosted its stake in shares of ITT by 9.0% during the second quarter. Orion Porfolio Solutions LLC now owns 16,118 shares of the conglomerate's stock valued at $2,528,000 after purchasing an additional 1,326 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of ITT by 2.6% during the second quarter. Thrivent Financial for Lutherans now owns 63,414 shares of the conglomerate's stock valued at $9,945,000 after purchasing an additional 1,614 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of ITT during the second quarter valued at approximately $372,000. Finally, Nomura Holdings Inc. purchased a new stake in shares of ITT during the second quarter valued at approximately $546,000. Hedge funds and other institutional investors 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.

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