Citigroup Has Lowered Expectations for ITT (NYSE:ITT) Stock Price

ITT (NYSE:ITT) had its price objective lowered by Citigroup from $183.00 to $181.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the conglomerate’s stock.

Other research analysts also recently issued reports about the stock. Stifel Nicolaus lifted their target price on shares of ITT from $171.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Wolfe Research initiated coverage on ITT in a report on Wednesday, December 11th. They issued a “peer perform” rating for the company. KeyCorp raised their target price on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Robert W. Baird dropped their price target on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, ITT presently has a consensus rating of “Moderate Buy” and an average price target of $166.50.

ITT Price Performance

NYSE ITT opened at $145.39 on Monday. ITT has a 1 year low of $116.59 and a 1 year high of $161.13. The business’s fifty day moving average is $149.68 and its two-hundred day moving average is $142.86. The stock has a market capitalization of $11.85 billion, a P/E ratio of 24.81, a P/E/G ratio of 1.95 and a beta of 1.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.09 and a current ratio of 1.58.

ITT (NYSE:ITT) last announced its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $884.50 million. During the same period in the previous year, the firm earned $1.37 earnings per share. ITT’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, research analysts forecast that ITT will post 5.84 earnings per share for the current fiscal year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, November 29th were paid a $0.319 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. ITT’s payout ratio is 21.67%.

Hedge Funds Weigh In On ITT

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITT. CGN Advisors LLC acquired a new position in shares of ITT during the 4th quarter worth $1,204,000. Gateway Investment Advisers LLC increased its position in ITT by 3.3% during the fourth quarter. Gateway Investment Advisers LLC now owns 12,055 shares of the conglomerate’s stock worth $1,722,000 after buying an additional 385 shares during the last quarter. Park Avenue Securities LLC raised its holdings in ITT by 36.8% during the fourth quarter. Park Avenue Securities LLC now owns 4,302 shares of the conglomerate’s stock valued at $615,000 after buying an additional 1,157 shares in the last quarter. Unique Wealth LLC raised its holdings in ITT by 68.0% during the fourth quarter. Unique Wealth LLC now owns 2,524 shares of the conglomerate’s stock valued at $361,000 after buying an additional 1,022 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of ITT by 2.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 47,930 shares of the conglomerate’s stock worth $6,848,000 after buying an additional 1,241 shares during the last quarter. Institutional investors own 91.59% of the company’s stock.

ITT Company Profile

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.