ITT (NYSE:ITT) Given New $202.00 Price Target at Stifel Nicolaus

Key Points

• Stifel Nicolaus has increased its price target for ITT from $197.00 to $202.00, indicating a potential upside of 23.35% from the current stock price, while maintaining a "buy" rating.
• The company recently reported quarterly earnings of $1.64 per share, exceeding analysts' expectations, with revenue of $972.40 million, reflecting a year-over-year increase of 7.3%.
• Institutional investors own 91.59% of ITT, with several firms significantly increasing their stakes in the company in recent quarters.

ITT (NYSE:ITT - Get Free Report) had its price target increased by equities researchers at Stifel Nicolaus from $197.00 to $202.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the conglomerate's stock. Stifel Nicolaus' price target points to a potential upside of 23.35% from the company's current price.

ITT has been the subject of a number of other research reports. Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. Citigroup reissued a "buy" rating and issued a $186.00 price objective (up previously from $159.00) on shares of ITT in a research report on Monday, July 14th. KeyCorp lifted their price objective on shares of ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research report on Friday. Bank of America lifted their price objective 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. Finally, The Goldman Sachs Group lifted their price objective on shares of ITT from $160.00 to $177.00 and gave the company a "buy" rating in a research report on Monday, May 19th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $177.88.

ITT Price Performance

ITT traded down $6.20 during mid-day trading on Friday, hitting $163.76. The stock had a trading volume of 269,270 shares, compared to its average volume of 520,231. ITT has a 1-year low of $105.64 and a 1-year high of $170.16. The stock's fifty day simple moving average is $155.44 and its 200-day simple moving average is $144.94. The firm has a market capitalization of $12.89 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 2.01 and a beta of 1.35.

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

Institutional Investors Weigh In On ITT

Large investors have recently modified their holdings of the company. Quarry LP increased its position in shares of ITT by 101.6% during the fourth quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after buying an additional 125 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of ITT in the fourth quarter worth about $59,000. AdvisorNet Financial Inc grew its stake in ITT by 26.2% during the second quarter. AdvisorNet Financial Inc now owns 487 shares of the conglomerate's stock valued at $76,000 after acquiring an additional 101 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in ITT by 2,777.8% during the second quarter. Cullen Frost Bankers Inc. now owns 518 shares of the conglomerate's stock valued at $81,000 after acquiring an additional 500 shares in the last quarter. Finally, Versant Capital Management Inc grew its stake in 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 buying an additional 527 shares in the last quarter. 91.59% of the stock is currently 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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