ITT (NYSE:ITT) Hits New 52-Week High - What's Next?

Key Points

• ITT Inc. shares reached a new 52-week high, trading at $162.33, with a total trading volume of 20,281 shares, marking a significant milestone for the company.
• Analysts are optimistic about ITT, with multiple firms issuing "buy" ratings and raising price targets, including a notable increase from Citigroup to $186.00.
• Institutional investors hold a dominating 91.59% of ITT's stock, reflecting strong interest and confidence in the company's future performance.

Shares of ITT Inc. (NYSE:ITT - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $162.33 and last traded at $162.02, with a volume of 20281 shares traded. The stock had previously closed at $161.50.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ITT. Citigroup reissued a "buy" rating and issued a $186.00 price target (up from $159.00) on shares of ITT in a research note on Monday, July 14th. The Goldman Sachs Group upped their price target 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. KeyCorp upped their price objective on shares of ITT from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Stifel Nicolaus increased their price objective on shares of ITT from $171.00 to $197.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Finally, Wall Street Zen raised shares of ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.25.

ITT Stock Up 0.7%

The business's 50 day moving average is $154.46 and its two-hundred day moving average is $144.35. The firm has a market capitalization of $12.80 billion, a P/E ratio of 25.86, a PEG ratio of 2.04 and a beta of 1.35.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The conglomerate reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. The firm had revenue of $913.00 million for the quarter, compared to analysts' expectations of $901.22 million. ITT had a net margin of 14.19% and a return on equity of 17.75%. ITT's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.42 earnings per share. As a group, equities analysts anticipate that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.351 per share. The ex-dividend date was Monday, June 2nd. This represents a $1.40 annualized dividend and a yield of 0.86%. ITT's dividend payout ratio (DPR) is presently 22.26%.

Institutional Investors Weigh In On ITT

Several large investors have recently made changes to their positions in the company. Nuveen LLC acquired a new stake in ITT in the 1st quarter worth approximately $156,406,000. Norges Bank bought a new stake in shares of ITT during the fourth quarter worth $134,433,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of ITT by 97.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,835,894 shares of the conglomerate's stock worth $237,125,000 after purchasing an additional 904,654 shares during the last quarter. Findlay Park Partners LLP grew its holdings in shares of ITT by 94.7% during the first quarter. Findlay Park Partners LLP now owns 795,600 shares of the conglomerate's stock worth $102,760,000 after purchasing an additional 387,000 shares during the last quarter. Finally, Select Equity Group L.P. lifted its stake in shares of ITT by 7.7% during the fourth quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate's stock valued at $652,237,000 after acquiring an additional 326,947 shares during the period. Institutional investors 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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