ITT Corp. (NYSE:ITT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “ITT Corp.’s operations as well as profitability have been suffering in recent times, due to factors like lower operating income, tepid sales and higher effective tax rate. Going forward, softness in industrial as well as oil & gas markets remains a major headwind that. On account of these headwinds, ITT Corp. expects revenues in the oil and gas segment to plummet 46% on a year-over-year basis in the second half.In addition, pricing pressure on large projects and lower petrochemical and mining project activity will likely aggravate the fall in industrial business. However, ITT Corp.’s comprehensive three-pronged growth strategy involving optimizing execution, effective capital deployment and market expansion are expected to mitigate these weaknesses to some extent.”

Other research analysts have also recently issued reports about the company. Seaport Global Securities raised ITT Corp. from an “accumulate” rating to a “buy” rating and raised their target price for the stock from $37.00 to $41.00 in a research report on Friday, June 10th. Barclays PLC dropped their price objective on ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, July 18th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. Finally, KeyCorp reiterated a “sector weight” rating on shares of ITT Corp. in a research note on Wednesday, June 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $41.43.

Analyst Recommendations for ITT Corp. (NYSE:ITT)

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Shares of ITT Corp. (NYSE:ITT) opened at 35.69 on Tuesday. The firm has a 50-day moving average of $35.59 and a 200-day moving average of $35.14. ITT Corp. has a one year low of $29.15 and a one year high of $40.52. The firm has a market capitalization of $3.20 billion, a P/E ratio of 13.57 and a beta of 1.28.

ITT Corp. (NYSE:ITT) last issued its earnings results on Thursday, August 4th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. The firm earned $626.20 million during the quarter, compared to analysts’ expectations of $620.12 million. ITT Corp. had a return on equity of 16.02% and a net margin of 9.49%. ITT Corp.’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. On average, equities analysts predict that ITT Corp. will post $2.40 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were paid a $0.124 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.39%. ITT Corp.’s dividend payout ratio (DPR) is presently 19.01%.

A number of hedge funds have recently made changes to their positions in the company. First Mercantile Trust Co. purchased a new stake in shares of ITT Corp. during the third quarter worth approximately $228,000. Foundry Partners LLC raised its stake in shares of ITT Corp. by 24.2% in the third quarter. Foundry Partners LLC now owns 11,360 shares of the company’s stock worth $407,000 after buying an additional 2,210 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of ITT Corp. by 1.9% in the second quarter. Macquarie Group Ltd. now owns 1,944,430 shares of the company’s stock worth $62,183,000 after buying an additional 36,251 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in shares of ITT Corp. during the second quarter worth approximately $374,000. Finally, Northwestern Mutual Investment Management Company LLC raised its stake in shares of ITT Corp. by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 15,555 shares of the company’s stock worth $497,000 after buying an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 89.37% of the company’s stock.

About ITT Corp.

ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.

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