ITT (NYSE:ITT) Rating Increased to Buy at Bank of America

ITT (NYSE:ITT) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday, Briefing.com reports. The brokerage currently has a $125.00 price target on the conglomerate’s stock, up from their prior price target of $105.00. Bank of America‘s price target indicates a potential upside of 16.30% from the company’s current price.

Several other brokerages have also recently issued reports on ITT. Stifel Nicolaus boosted their price objective on shares of ITT from $106.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, July 19th. TD Cowen upped their price target on shares of ITT from $100.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 29th. StockNews.com cut shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 29th. KeyCorp upped their price target on shares of ITT from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, August 4th. Finally, Robert W. Baird upped their price target on shares of ITT from $101.00 to $107.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $111.29.

ITT Stock Performance

Shares of ITT opened at $107.48 on Thursday. The stock has a market capitalization of $8.82 billion, a P/E ratio of 20.51, a P/E/G ratio of 1.56 and a beta of 1.41. The company’s fifty day moving average is $98.19 and its two-hundred day moving average is $93.78. ITT has a 1 year low of $75.82 and a 1 year high of $108.57.

ITT announced that its Board of Directors has approved a share buyback plan on Wednesday, October 4th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the conglomerate to repurchase up to 12.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at ITT

In other ITT news, Director Don Defosset sold 9,996 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $101.25, for a total value of $1,012,095.00. Following the transaction, the director now directly owns 20,694 shares in the company, valued at approximately $2,095,267.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ITT. Select Equity Group L.P. acquired a new stake in ITT in the fourth quarter valued at approximately $106,328,000. Norges Bank acquired a new stake in shares of ITT during the fourth quarter worth approximately $64,598,000. GW&K Investment Management LLC grew its position in shares of ITT by 135.6% during the first quarter. GW&K Investment Management LLC now owns 846,115 shares of the conglomerate’s stock worth $73,020,000 after buying an additional 487,044 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of ITT during the first quarter worth approximately $35,055,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of ITT during the fourth quarter worth approximately $29,172,000. 90.73% of the stock is currently owned by hedge funds and other institutional investors.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.