ITT Inc. (ITT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of ITT Inc. (NYSE:ITT) from a hold rating to a buy rating in a report released on Thursday morning. They currently have $51.00 price objective on the conglomerate’s stock.
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 also recently issued reports on ITT. Deutsche Bank AG upgraded ITT from a hold rating to a buy rating and increased their price target for the company from $46.00 to $55.00 in a report on Monday. Robert W. Baird reiterated a buy rating and issued a $51.00 price target on shares of ITT in a report on Wednesday, October 4th. Cowen and Company reiterated a buy rating and issued a $50.00 price target on shares of ITT in a report on Thursday, September 21st. BidaskClub downgraded ITT from a hold rating to a sell rating in a report on Saturday, August 5th. Finally, ValuEngine upgraded ITT from a hold rating to a buy rating in a report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. ITT has an average rating of Buy and an average 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. ITT has a 12-month low of $32.46 and a 12-month high of $46.76. The stock has a market cap of $4.07 billion, a P/E ratio of 19.81 and a beta of 1.48. The stock has a 50-day moving average price of $42.61 and a 200-day moving average price of $40.83.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $630.90 million during the quarter, compared to the consensus estimate of $628.65 million. During the same period in the prior year, the firm earned $0.67 EPS. The firm’s quarterly revenue was up .8% compared to the same quarter last year. Equities analysts forecast that ITT will post $2.47 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be paid a dividend of $0.128 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.51 annualized dividend and a dividend yield of 1.12%. ITT’s dividend payout ratio is presently 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its stake in shares of ITT by 86.8% during the second quarter. Public Employees Retirement System of Ohio now owns 71,392 shares of the conglomerate’s stock valued at $2,869,000 after acquiring an additional 33,182 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in ITT by 2.1% in the second quarter. Ameritas Investment Partners Inc. now owns 26,533 shares of the conglomerate’s stock worth $1,066,000 after purchasing an additional 533 shares in the last quarter. Nomura Holdings Inc. grew its stake in ITT by 134.4% in the second quarter. Nomura Holdings Inc. now owns 13,460 shares of the conglomerate’s stock worth $541,000 after purchasing an additional 7,718 shares in the last quarter. Bank of Nova Scotia grew its stake in ITT by 21.3% in the second quarter. Bank of Nova Scotia now owns 223,571 shares of the conglomerate’s stock worth $8,983,000 after purchasing an additional 39,200 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its stake in ITT by 17.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,120 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 914 shares in the last quarter. Institutional investors own 92.58% of the company’s stock.
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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