KeyCorp Forecasts Strong Price Appreciation for ITT (NYSE:ITT) Stock

ITT (NYSE:ITT) had its price target lifted by KeyCorp from $164.00 to $170.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the conglomerate’s stock. KeyCorp’s price target indicates a potential upside of 11.03% from the stock’s current price.

ITT has been the topic of several other reports. Stifel Nicolaus increased their target price on ITT from $171.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Wolfe Research began coverage on shares of ITT in a report on Wednesday, December 11th. They set a “peer perform” rating on the stock. The Goldman Sachs Group raised their price objective on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Citigroup dropped their target price on shares of ITT from $183.00 to $181.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Finally, StockNews.com lowered shares of ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.25.

ITT Stock Performance

ITT stock traded up $1.94 during mid-day trading on Tuesday, hitting $153.12. 29,367 shares of the company were exchanged, compared to its average volume of 351,293. The stock has a market capitalization of $12.48 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.81 and a beta of 1.41. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17. ITT has a 1-year low of $118.58 and a 1-year high of $161.13. The business has a 50 day simple moving average of $149.38 and a 200-day simple moving average of $143.48.

ITT (NYSE:ITT) last posted its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company had revenue of $885.20 million during the quarter, compared to the consensus estimate of $884.50 million. During the same quarter last year, the firm earned $1.37 earnings per share. The company’s revenue was up 7.7% on a year-over-year basis. On average, equities analysts forecast that ITT will post 5.84 earnings per share for the current year.

Institutional Trading of ITT

Hedge funds have recently made changes to their positions in the stock. Select Equity Group L.P. boosted 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 purchasing an additional 351,206 shares in the last quarter. State Street Corp grew its stake in shares of ITT by 1.1% during the third quarter. State Street Corp now owns 2,437,674 shares of the conglomerate’s stock valued at $364,457,000 after buying an additional 26,133 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ITT by 0.6% during the third quarter. Geode Capital Management LLC now owns 1,369,021 shares of the conglomerate’s stock valued at $204,736,000 after acquiring an additional 8,223 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in ITT by 4.3% in the third quarter. Westfield Capital Management Co. LP now owns 669,519 shares of the conglomerate’s stock valued at $100,100,000 after acquiring an additional 27,885 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new position in ITT during the 3rd quarter valued at $67,503,000. 91.59% of the stock is owned by 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.