ITT (NYSE:ITT) Given New $192.00 Price Target at KeyCorp

Key Points

• KeyCorp has increased its price target for ITT from $180.00 to $192.00, suggesting a potential upside of 12.94% from its current price and maintaining an "overweight" rating.
• The stock has recently received multiple upgrades from research firms, including a buy rating from Citigroup and an increased target price of $186.00.
• ITT reported a 7.3% year-over-year revenue increase, with earnings per share of $1.64, surpassing analysts’ expectations of $1.62.

ITT (NYSE:ITT - Get Free Report) had its price objective upped by KeyCorp from $180.00 to $192.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the conglomerate's stock. KeyCorp's target price would indicate a potential upside of 12.94% from the company's current price.

Several other research firms have also issued reports on ITT. Citigroup reissued a "buy" rating and set a $186.00 target price (up from $159.00) on shares of ITT in a research note on Monday, July 14th. Stifel Nicolaus raised their price target on shares of ITT from $171.00 to $197.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Bank of America raised their price target on shares of ITT from $145.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, May 21st. The Goldman Sachs Group lifted their price target on shares of ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Finally, Wall Street Zen upgraded shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, ITT currently has a consensus rating of "Moderate Buy" and an average target price of $177.25.

ITT Price Performance

Shares of NYSE ITT opened at $170.00 on Friday. ITT has a 1-year low of $105.64 and a 1-year high of $170.16. The business's 50 day moving average is $155.44 and its two-hundred day moving average is $144.94. The stock has a market capitalization of $13.38 billion, a P/E ratio of 27.03, a PEG ratio of 2.01 and a beta of 1.35.

ITT (NYSE:ITT - Get Free Report) last posted its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. The company had revenue of $972.40 million during the quarter, compared to analyst estimates of $947.48 million. ITT had a return on equity of 17.75% and a net margin of 14.19%. ITT's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.49 earnings per share. As a group, equities research analysts anticipate that ITT will post 6.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ITT

Large investors have recently bought and sold shares of the stock. Merit Financial Group LLC acquired a new stake in shares of ITT during the first quarter worth approximately $273,000. Sequoia Financial Advisors LLC increased its holdings in ITT by 10.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock valued at $3,853,000 after buying an additional 2,765 shares during the period. Assenagon Asset Management S.A. increased its holdings in ITT by 19.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 17,551 shares of the conglomerate's stock valued at $2,267,000 after buying an additional 2,917 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of ITT by 22.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 9,049 shares of the conglomerate's stock valued at $1,293,000 after purchasing an additional 1,659 shares in the last quarter. Finally, Southeast Asset Advisors LLC boosted its stake in shares of ITT by 14.3% in the 4th quarter. Southeast Asset Advisors LLC now owns 32,792 shares of the conglomerate's stock valued at $4,685,000 after purchasing an additional 4,097 shares in the last quarter. Institutional investors and hedge funds own 91.59% of the company's stock.

ITT Company Profile

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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