ITT’s (ITT) Buy Rating Reiterated at Cowen and Company
ITT Inc. (NYSE:ITT)‘s stock had its “buy” rating reissued by equities research analysts at Cowen and Company in a research note issued on Thursday. They presently have a $50.00 price objective on the conglomerate’s stock. Cowen and Company’s target price suggests a potential upside of 15.23% from the company’s current price.
ITT has been the subject of several other research reports. BidaskClub lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $49.00 price objective on shares of ITT in a report on Wednesday, August 16th. Zacks Investment Research lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) lowered shares of ITT from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $46.00 to $43.00 in a report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $46.75.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The company had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. The company’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share.
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In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ITT. Pinnacle Financial Partners Inc. bought a new position in ITT in the second quarter valued at approximately $105,000. Riverhead Capital Management LLC boosted its stake in ITT by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after acquiring an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ITT by 10.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after acquiring an additional 314 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in ITT in the first quarter valued at approximately $214,000. Finally, Stephens Inc. AR bought a new position in ITT in the first quarter valued at approximately $222,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.
ITT Company Profile
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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