ITT Inc. (ITT) Stock Rating Upgraded by Zacks Investment Research
ITT Inc. (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $51.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.27% from the stock’s current price.
According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Going forward, the company expects its rail and auto businesses to act as major growth drivers, fuelled by increase by recent acquisitions and growth in the aftermarket brake pad business. Further, ITT Inc.’s shares have outperformed the industry average over the past year. Also, the company has achieved operational excellence through its Lean Six Sigma program, restructuring initiatives and global sourcing efforts. However, softness in industrial, oil & gas markets and aerospace and defense business is expected to affect client spending adversely, thus restricting the company’s growth to a great extent.”
Several other brokerages have also weighed in on ITT. Robert W. Baird reissued a “buy” rating and set a $51.00 target price on shares of ITT in a research report on Wednesday, October 4th. BidaskClub lowered ITT from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. ValuEngine lowered ITT from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and set a $49.00 target price on shares of ITT in a research report on Wednesday, August 16th. Finally, Cowen and Company reissued a “buy” rating and set a $50.00 target price on shares of ITT in a research report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $48.50.
Shares of ITT (NYSE:ITT) traded up 0.76% during midday trading on Thursday, hitting $46.25. The stock had a trading volume of 395,119 shares. The stock has a market cap of $4.07 billion, a PE ratio of 19.81 and a beta of 1.48. ITT has a one year low of $32.46 and a one year high of $46.76. The firm has a 50 day moving average price of $42.81 and a 200 day moving average price of $40.88.
ITT (NYSE:ITT) last issued its earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. ITT had a return on equity of 14.17% and a net margin of 8.64%. The business had revenue of $630.90 million for the quarter, compared to analyst estimates of $628.65 million. During the same quarter last year, the company earned $0.67 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts forecast that ITT will post $2.47 earnings per share for the current fiscal year.
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In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ITT. Pinnacle Financial Partners Inc. acquired a new position in ITT during the second quarter worth approximately $105,000. Riverhead Capital Management LLC grew its stake in shares of ITT by 57.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of ITT by 10.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after purchasing an additional 314 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of ITT in the 1st quarter valued at approximately $214,000. Finally, Stephens Inc. AR purchased a new position in shares of ITT in the 1st quarter valued at approximately $222,000. 92.58% of the stock is currently owned by 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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