Stifel Nicolaus Increases ITT Inc. (ITT) Price Target to $51.00

ITT Inc. (NYSE:ITT) had its target price upped by Stifel Nicolaus from $49.00 to $51.00 in a research report report published on Tuesday, May 9th. The firm currently has a buy rating on the conglomerate’s stock.

A number of other analysts have also recently issued reports on ITT. TheStreet raised ITT from a c+ rating to a b rating in a research report on Monday, March 27th. Barclays PLC restated a buy rating and set a $49.00 target price on shares of ITT in a report on Wednesday, January 18th. CIBC upgraded ITT from a market perform rating to an outperform rating in a report on Thursday, February 16th. Oppenheimer Holdings, Inc. upgraded ITT from a market perform rating to an outperform rating and set a $50.00 target price on the stock in a report on Thursday, February 16th. Finally, Bank of America Corp upgraded ITT from a neutral rating to a buy rating in a report on Monday, January 9th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $46.67.

Shares of ITT (NYSE ITT) traded down 2.85% during midday trading on Tuesday, reaching $38.88. The company’s stock had a trading volume of 700,754 shares. ITT has a 52 week low of $30.06 and a 52 week high of $44.00. The stock has a market capitalization of $3.45 billion, a PE ratio of 17.92 and a beta of 1.35. The stock has a 50-day moving average price of $40.10 and a 200 day moving average price of $40.62.

ITT (NYSE:ITT) last released its quarterly earnings data on Monday, May 8th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.04. The firm had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. ITT had a return on equity of 14.65% and a net margin of 8.04%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 earnings per share. Equities analysts forecast that ITT will post $2.42 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be paid a dividend of $0.128 per share. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $0.51 annualized dividend and a yield of 1.32%. ITT’s dividend payout ratio is 23.50%.

In related news, CEO Denise L. Ramos sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $41.35, for a total transaction of $2,067,500.00. Following the transaction, the chief executive officer now directly owns 308,032 shares in the company, valued at $12,737,123.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC increased its stake in ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock worth $43,226,000 after buying an additional 219,763 shares during the last quarter. Philadelphia Trust Co. increased its stake in ITT by 763.1% in the fourth quarter. Philadelphia Trust Co. now owns 170,816 shares of the conglomerate’s stock worth $6,588,000 after buying an additional 151,025 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in ITT by 4.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,808 shares of the conglomerate’s stock worth $225,000 after buying an additional 260 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in ITT during the first quarter worth $316,000. Finally, Comerica Bank increased its stake in ITT by 21.1% in the first quarter. Comerica Bank now owns 162,548 shares of the conglomerate’s stock worth $6,855,000 after buying an additional 28,377 shares during the last quarter. 94.20% of the stock is currently owned by institutional investors.

About ITT

ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.

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