Wolfe Research Initiates Coverage on ITT (NYSE:ITT)

Equities research analysts at Wolfe Research initiated coverage on shares of ITT (NYSE:ITT) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set a “peer perform” rating on the conglomerate’s stock.

Several other equities research analysts have also commented on the stock. Citigroup raised their price target on shares of ITT from $176.00 to $183.00 and gave the company a “buy” rating in a research note on Monday. Robert W. Baird lowered their price target on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. StockNews.com cut shares of ITT from a “buy” rating to a “hold” rating in a report on Saturday, December 7th. KeyCorp raised their price objective on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Finally, Stifel Nicolaus increased their price objective on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $166.75.

ITT Stock Down 1.1 %

Shares of NYSE:ITT opened at $152.16 on Wednesday. ITT has a 1-year low of $111.96 and a 1-year high of $161.13. The company’s fifty day moving average is $151.13 and its two-hundred day moving average is $140.43. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.09 and a current ratio of 1.58. The stock has a market capitalization of $12.40 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 2.02 and a beta of 1.40.

ITT (NYSE:ITT) last posted its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, beating the consensus estimate of $1.43 by $0.03. The company had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 earnings per share. Equities analysts anticipate that ITT will post 5.84 EPS for the current year.

Hedge Funds Weigh In On ITT

Several institutional investors and hedge funds have recently modified their holdings of the stock. Eagle Asset Management Inc. acquired a new stake in ITT during the third quarter valued at $67,503,000. Mawer Investment Management Ltd. acquired a new stake in shares of ITT during the 2nd quarter valued at about $49,043,000. Select Equity Group L.P. grew its stake in shares of ITT by 11.7% in the 2nd quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock valued at $431,512,000 after buying an additional 351,206 shares in the last quarter. Millennium Management LLC increased its holdings in ITT by 200.4% in the second quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock worth $50,823,000 after buying an additional 262,470 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in ITT by 115.6% during the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock valued at $31,717,000 after acquiring an additional 131,708 shares in the last quarter. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.