ITT (NYSE:ITT) Hits New 52-Week High - Here's What Happened

Key Points

• ITT Inc. shares reached a new 52-week high, trading at $170.33, supported by a volume of 212,388 shares.
• Analyst upgrades include target price increases from Stifel Nicolaus to $202.00 and Goldman Sachs to $177.00, with a consensus rating of "Moderate Buy" and an average target price of $179.22.
• In its latest earnings report, ITT posted $1.64 EPS, exceeding estimates, and announced a quarterly dividend of $0.351, with an annualized yield of 0.8%.

Shares of ITT Inc. (NYSE:ITT - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $170.33 and last traded at $170.02, with a volume of 212388 shares. The stock had previously closed at $165.68.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ITT shares. Stifel Nicolaus boosted their target price on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a report on Friday, August 1st. The Goldman Sachs Group increased their target price on ITT from $160.00 to $177.00 and gave the company a "buy" rating in a report on Monday, May 19th. KeyCorp raised their price objective on ITT from $180.00 to $192.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Bank of America increased their target price on ITT from $145.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Wall Street Zen upgraded ITT from a "hold" rating to a "buy" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $179.22.

ITT Price Performance

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 company has a market cap of $13.26 billion, a PE ratio of 26.73, a P/E/G ratio of 2.04 and a beta of 1.38. The stock has a 50-day simple moving average of $157.64 and a 200 day simple moving average of $145.61.

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

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be paid a $0.351 dividend. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 2nd. ITT's dividend payout ratio (DPR) is 22.01%.

Insider Activity at ITT

In related news, CEO Luca Savi sold 36,385 shares of ITT stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $164.76, for a total transaction of $5,994,792.60. Following the completion of the transaction, the chief executive officer directly owned 297,536 shares of the company's stock, valued at approximately $49,022,031.36. The trade was a 10.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ITT

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Merit Financial Group LLC acquired a new stake in shares of ITT in the first quarter valued at about $273,000. Sequoia Financial Advisors LLC grew its position in ITT by 10.2% in the 1st quarter. Sequoia Financial Advisors LLC now owns 29,831 shares of the conglomerate's stock worth $3,853,000 after purchasing an additional 2,765 shares during the last quarter. XTX Topco Ltd bought a new stake in ITT during the 1st quarter valued at $1,214,000. GSA Capital Partners LLP bought a new stake in ITT during the 1st quarter valued at $609,000. Finally, Liberty Wealth Management LLC bought a new stake in shares of ITT in the 1st quarter worth $4,555,000. 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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