Bank of America Forecasts Strong Price Appreciation for ITT (NYSE:ITT) Stock

ITT (NYSE:ITT - Get Free Report) had its price target increased by research analysts at Bank of America from $145.00 to $170.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the conglomerate's stock. Bank of America's price target suggests a potential upside of 15.31% from the stock's previous close.

Several other equities analysts also recently commented on the company. UBS Group upped their price objective on ITT from $165.00 to $168.00 and gave the company a "buy" rating in a research note on Friday, February 7th. KeyCorp upped their price target on ITT from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Stifel Nicolaus increased their price target on ITT from $161.00 to $171.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. The Goldman Sachs Group upped their price objective on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. Finally, Wall Street Zen upgraded shares of ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $165.50.

ITT Stock Performance

NYSE:ITT traded down $0.83 during trading on Wednesday, reaching $147.43. The company's stock had a trading volume of 380,826 shares, compared to its average volume of 457,560. ITT has a 12 month low of $105.64 and a 12 month high of $161.13. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.89 and a beta of 1.36. The firm has a 50 day moving average of $135.15 and a 200-day moving average of $142.86. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40.

ITT (NYSE:ITT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The conglomerate reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.01. The company had revenue of $913.00 million during the quarter, compared to analyst estimates of $901.22 million. ITT had a net margin of 14.27% and a return on equity of 18.03%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. Research analysts expect that ITT will post 6.51 EPS for the current fiscal year.

Institutional Investors Weigh In On ITT

Institutional investors and hedge funds have recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new position in ITT during the fourth quarter valued at approximately $26,000. Whipplewood Advisors LLC purchased a new position in shares of ITT during the 4th quarter valued at $34,000. Quarry LP increased its holdings in shares of ITT by 101.6% in the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after purchasing an additional 125 shares during the period. V Square Quantitative Management LLC increased its holdings in shares of ITT by 79.1% in the fourth quarter. V Square Quantitative Management LLC now owns 412 shares of the conglomerate's stock worth $59,000 after purchasing an additional 182 shares during the period. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of ITT in the fourth quarter worth $59,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

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.