ITT (NYSE:ITT) Hits New 52-Week Low – Here’s What Happened

ITT Inc. (NYSE:ITT)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $120.98 and last traded at $122.22, with a volume of 202251 shares changing hands. The stock had previously closed at $133.44.

Analyst Ratings Changes

ITT has been the subject of several recent analyst reports. StockNews.com upgraded shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, February 13th. Stifel Nicolaus lowered their target price on ITT from $180.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Citigroup cut their target price on ITT from $183.00 to $181.00 and set a “buy” rating on the stock in a research note on Monday, January 13th. Wolfe Research started coverage on ITT in a research note on Wednesday, December 11th. They issued a “peer perform” rating for the company. Finally, UBS Group lifted their price objective on shares of ITT from $165.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, February 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $170.29.

ITT Stock Down 5.5 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 1.40. The company has a market cap of $9.20 billion, a P/E ratio of 17.94, a P/E/G ratio of 1.89 and a beta of 1.36. The stock has a 50 day moving average price of $139.91 and a 200 day moving average price of $145.63.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, February 6th. The conglomerate reported $1.50 EPS for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a net margin of 14.27% and a return on equity of 18.03%. Research analysts expect that ITT Inc. will post 6.51 earnings per share for the current fiscal year.

ITT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 6th were paid a dividend of $0.351 per share. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from ITT’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 1.24%. ITT’s dividend payout ratio is currently 22.22%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of ITT in the 4th quarter worth $134,433,000. Raymond James Financial Inc. acquired a new position in shares of ITT in the 4th quarter valued at $73,762,000. T. Rowe Price Investment Management Inc. increased its stake in ITT by 63.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 931,240 shares of the conglomerate’s stock worth $133,056,000 after purchasing an additional 360,123 shares in the last quarter. Select Equity Group L.P. increased its stake in ITT by 7.7% in the 4th quarter. Select Equity Group L.P. now owns 4,564,926 shares of the conglomerate’s stock worth $652,237,000 after purchasing an additional 326,947 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in ITT during the 4th quarter worth about $27,614,000. Institutional investors own 91.59% of the company’s stock.

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.