ITT (NYSE:ITT) Downgraded by StockNews.com to “Buy”

Posted by on Jun 20th, 2023

ITT (NYSE:ITT – Get Rating) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday.

Several other analysts have also recently commented on ITT. Stifel Nicolaus reduced their price objective on shares of ITT from $107.00 to $106.00 and set a “buy” rating for the company in a research note on Monday, April 17th. Robert W. Baird raised their target price on shares of ITT from $100.00 to $101.00 in a research note on Friday, May 5th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.83.

ITT Price Performance

Shares of NYSE:ITT opened at $89.21 on Tuesday. The stock has a market cap of $7.35 billion, a P/E ratio of 18.94, a P/E/G ratio of 1.45 and a beta of 1.42. The firm has a fifty day moving average price of $83.15 and a 200 day moving average price of $84.89. ITT has a 1-year low of $63.77 and a 1-year high of $95.18.

ITT (NYSE:ITT – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The conglomerate reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.07. ITT had a net margin of 12.82% and a return on equity of 17.85%. The firm had revenue of $797.90 million during the quarter, compared to analysts’ expectations of $777.24 million. During the same quarter in the prior year, the business earned $0.97 EPS. ITT’s quarterly revenue was up 9.9% compared to the same quarter last year. Sell-side analysts expect that ITT will post 4.85 EPS for the current fiscal year.

Hedge Funds Weigh In On ITT

A number of hedge funds have recently added to or reduced their stakes in the company. Prelude Capital Management LLC acquired a new position in ITT in the first quarter worth approximately $388,000. KB Financial Partners LLC acquired a new position in ITT in the first quarter worth approximately $36,000. Hancock Whitney Corp increased its holdings in ITT by 116.0% in the first quarter. Hancock Whitney Corp now owns 19,604 shares of the conglomerate’s stock worth $1,691,000 after buying an additional 10,527 shares during the last quarter. Jane Street Group LLC acquired a new position in ITT in the first quarter worth approximately $6,167,000. Finally, Running Oak Capital LLC increased its holdings in ITT by 40.6% in the first quarter. Running Oak Capital LLC now owns 71,616 shares of the conglomerate’s stock worth $6,180,000 after buying an additional 20,670 shares during the last quarter. Institutional investors and hedge funds own 90.16% of the company’s stock.

About ITT

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ITT, Inc engages in the manufacture and sale of engineered components and customized technology solutions primarily for the transportation, industrial, and energy markets. It operates through the following segments: Motion Technologies, Industrial Process, Connect and Control Technologies, and Corporate and Other.

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