ITT (NYSE:ITT) moves to “buy” on

ITT (NYSE:ITT- Get a rating) was updated by stock researchers from from a “hold” rating to a “buy” rating in a report released on Friday.

Several other analysts have also recently released reports on the company. KeyCorp cut its price target on ITT from $100.00 to $90.00 and set an “overweight” rating for the company in a Tuesday, July 12 research note. UBS Group downgraded ITT from a “neutral” to a “buy” rating and lowered its target price for the company from $107.00 to $95.00 in a Friday, April 8 research note. Stifel Nicolaus lowered his price target on ITT from $107.00 to $91.00 and set a “buy” rating for the company in a Monday, April 18 research note. Cowen lowered his target price on ITT from $105.00 to $92.00 in a Monday, June 13 research note. Finally, DA Davidson reduced his price target on ITT from $110.00 to $100.00 and set a “buy” rating for the company in a Tuesday, June 21 research note. Three investment analysts gave the stock a hold rating and nine gave the company a buy rating. According to data from MarketBeat, ITT has a consensus rating of “Moderate Buy” and an average price target of $94.00.

ITT Stock Performance

ITT shares traded at $1.33 during Friday trading hours, hitting $78.37. 505,932 shares of the company were traded, against an average volume of 621,565. The company has a market capitalization of $6.54 billion, a PE ratio of 22.14, a PEG ratio of 1.47 and a beta of 1.47. The company’s 50-day moving average is $70.04 and its 200-day moving average is $76.27. ITT has a 52-week low of $63.77 and a 52-week high of $105.54.

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ITT (NYSE:ITT- Get a rating) last released its quarterly results on Thursday, August 4. The conglomerate reported earnings per share (EPS) of $0.98 for the quarter, beating the consensus estimate of $0.96 by $0.02. The company posted revenue of $733.30 million in the quarter, versus a consensus estimate of $715.19 million. ITT had a return on equity of 15.90% and a net margin of 10.92%. The company’s revenue increased 6.0% year over year. In the same quarter a year earlier, the company posted EPS of $0.94. As a group, stock analysts expect ITT to post earnings per share of 4.34 for the current fiscal year.

Hedge funds weigh on ITT

A number of hedge funds have recently changed their stock holdings. Capital International Investors increased its stake in ITT shares by 7.2% in the 4th quarter. Capital International Investors now owns 9,913,100 shares of the conglomerate worth $1,013,020,000 after purchasing an additional 669,698 shares last quarter. Alliancebernstein LP increased its equity stake in ITT by 2.9% in the fourth quarter. Alliancebernstein LP now owns 2,321,312 shares of the conglomerate worth $237,215,000 after purchasing an additional 65,659 shares last quarter. State Street Corp increased its stake in ITT shares by 4.0% in the first quarter. State Street Corp now owns 2,254,374 shares of the conglomerate worth $170,136,000 after buying an additional 87,718 shares last quarter. Massachusetts Financial Services Co. MA increased its stake in ITT stock by 1.8% in Q1. Massachusetts Financial Services Co. MA now owns 1,196,584 shares of the conglomerate worth $89,996,000 after buying 21,618 additional shares last quarter. Finally, Geode Capital Management LLC increased its stake in ITT shares by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 1,072,937 shares of the conglomerate worth $109,643,000 after purchasing an additional 12,464 shares last quarter. 95.64% of the shares are held by institutional investors and hedge funds.

About ITT

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ITT Inc manufactures and sells critical engineered components and custom technology solutions for the transportation, industrial and energy markets worldwide. The Company operates through three segments: Motion Technologies, Industrial Process and Connect & Control Technologies. The Motion Technologies segment manufactures brake pads, shims, shock absorbers and energy absorbing components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light and heavy commercial and military vehicles, buses and trains.

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Analyst recommendations for ITT (NYSE:ITT)

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