DA Davidson Issues Positive Forecast for ITT (NYSE:ITT) Stock Price

Key Points

• DA Davidson has raised its target price for ITT stock from $170.00 to $190.00, with a "buy" rating indicating a potential upside of 14.45% based on the stock's previous close.
• Analysts from other firms, including Goldman Sachs and Citigroup, have also increased their price targets for ITT, reinforcing a predominantly positive outlook with multiple "buy" ratings.
• ITT reported $1.64 earnings per share, surpassing expectations, and showed a 7.3% revenue increase year-over-year, highlighting strong financial performance.

ITT (NYSE:ITT - Get Free Report) had its target price hoisted by equities researchers at DA Davidson from $170.00 to $190.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the conglomerate's stock. DA Davidson's target price points to a potential upside of 14.45% from the stock's previous close.

A number of other brokerages also recently issued reports on ITT. The Goldman Sachs Group upped their price target on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Citigroup reiterated a "buy" rating and issued a $186.00 price objective (up previously from $159.00) on shares of ITT in a report on Monday, July 14th. Bank of America raised their price target on shares of ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, May 21st. Finally, Stifel Nicolaus lifted their target price on shares of ITT from $197.00 to $202.00 and gave the company a "buy" rating in a report on Friday. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $179.22.

ITT Trading Up 1.2%

ITT traded up $1.98 on Monday, hitting $166.02. The company had a trading volume of 190,008 shares, compared to its average volume of 520,605. The company has a market cap of $13.07 billion, a PE ratio of 26.10, a PEG ratio of 2.05 and a beta of 1.38. ITT has a 12-month low of $105.64 and a 12-month high of $170.16. The company has a quick ratio of 0.99, a current ratio of 1.45 and a debt-to-equity ratio of 0.24. The business's fifty day simple moving average is $155.77 and its 200 day simple moving average is $145.05.

ITT (NYSE:ITT - Get Free Report) last announced its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.02. ITT had a return on equity of 18.08% and a net margin of 13.99%. The business had revenue of $972.40 million during the quarter, compared to analyst estimates of $947.48 million. During the same quarter in the previous year, the business earned $1.49 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts expect that ITT will post 6.51 EPS for the current year.

Institutional Investors Weigh In On ITT

A number of large investors have recently added to or reduced their stakes in the company. Quarry LP boosted its holdings in shares of ITT by 101.6% in the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock valued at $35,000 after buying an additional 125 shares during the period. Kapitalo Investimentos Ltda bought a new stake in shares of ITT during the 4th quarter worth about $59,000. Versant Capital Management Inc raised its holdings in shares of ITT by 3,513.3% in the 1st quarter. Versant Capital Management Inc now owns 542 shares of the conglomerate's stock worth $70,000 after purchasing an additional 527 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of ITT by 26.2% in the 2nd quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate's stock worth $76,000 after purchasing an additional 101 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in shares of ITT by 31.7% in the 2nd quarter. Assetmark Inc. now owns 503 shares of the conglomerate's stock worth $79,000 after purchasing an additional 121 shares in the last quarter. 91.59% of the stock is owned by institutional investors and hedge funds.

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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