ITT (NYSE:ITT) Reaches New 12-Month High - Here's Why

Key Points

• ITT Inc. has reached a new 12-month high, trading at $173.80, with analysts optimistic due to several upward revisions in price targets and ratings from major firms like Bank of America and Goldman Sachs.
• The company reported quarterly earnings that surpassed estimates, with $1.64 EPS and revenues of $972.40 million, showcasing a year-over-year revenue increase of 7.3%.
• ITT announced a quarterly dividend of $0.351 per share, effective September 29, reflecting a modest payout ratio of 22.01% and an annualized yield of 0.8%.

ITT Inc. (NYSE:ITT - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $174.20 and last traded at $173.80, with a volume of 289175 shares traded. The stock had previously closed at $172.30.

Wall Street Analysts Forecast Growth

ITT has been the topic of a number of recent research reports. Bank of America increased their price objective on 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 raised their price target on ITT from $160.00 to $177.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Stifel Nicolaus raised their price objective on ITT from $197.00 to $202.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. KeyCorp lifted their price target on ITT from $180.00 to $192.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Wall Street Zen raised ITT from a "hold" rating to a "buy" rating in a research note on Wednesday, May 7th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, ITT has an average rating of "Moderate Buy" and a consensus target price of $179.22.

ITT Trading Up 0.9%

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 firm has a market capitalization of $13.56 billion, a P/E ratio of 27.33, a PEG ratio of 2.12 and a beta of 1.38. The firm has a 50 day moving average of $161.83 and a 200-day moving average of $147.35.

ITT (NYSE:ITT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.02. ITT had a return on equity of 18.08% and a net margin of 13.99%.The business had revenue of $972.40 million during the quarter, compared to analysts' expectations of $947.48 million. During the same period in the previous year, the company posted $1.49 earnings per share. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. ITT has set its FY 2025 guidance at 6.350-6.550 EPS. On average, equities research analysts predict that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.351 per share. This represents a $1.40 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, September 2nd. ITT's payout ratio is currently 22.01%.

Insider Activity

In other news, CEO Luca Savi sold 36,385 shares of the company's stock in a transaction on Thursday, August 7th. The shares were 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 in the company, valued at approximately $49,022,031.36. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.47% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ITT. Financial Gravity Companies Inc. acquired a new stake in ITT in the second quarter valued at $27,000. Atlantic Union Bankshares Corp bought a new position in shares of ITT during the 2nd quarter worth about $34,000. Quarry LP boosted its position in shares of ITT by 101.6% during the 4th quarter. Quarry LP now owns 248 shares of the conglomerate's stock worth $35,000 after purchasing an additional 125 shares in the last quarter. MTM Investment Management LLC bought a new position in ITT in the 2nd quarter valued at about $39,000. Finally, Clearstead Trust LLC lifted its position in ITT by 40.0% in the 2nd quarter. Clearstead Trust LLC now owns 350 shares of the conglomerate's stock valued at $55,000 after acquiring an additional 100 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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