DA Davidson started coverage on shares of ITT (NYSE:ITT) in a research report report published on Wednesday morning, The Fly reports. The brokerage issued a buy rating on the conglomerate’s stock.

A number of other equities analysts have also recently weighed in on ITT. Zacks Investment Research raised shares of ITT from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Monday, January 8th. Stifel Nicolaus reissued a buy rating and set a $63.00 price target (up from $60.00) on shares of ITT in a research report on Tuesday, January 16th. ValuEngine raised shares of ITT from a hold rating to a buy rating in a research report on Friday, February 2nd. Oppenheimer reissued a buy rating and set a $60.00 price target on shares of ITT in a research report on Thursday, January 18th. Finally, UBS assumed coverage on shares of ITT in a research report on Tuesday, January 23rd. They set a sell rating and a $55.00 price target on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $55.88.

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Shares of ITT stock opened at $52.43 on Wednesday. ITT has a fifty-two week low of $36.93 and a fifty-two week high of $57.62. The company has a market cap of $4,567.00, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 1.35 and a beta of 1.59.

ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. ITT had a net margin of 4.39% and a return on equity of 14.65%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. equities research analysts predict that ITT will post 3.08 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 12th will be given a $0.134 dividend. This is a boost from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, March 9th. ITT’s payout ratio is currently 42.19%.

ITT announced that its board has approved a stock repurchase plan on Friday, February 16th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the conglomerate to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

In related news, CFO Thomas M. Scalera sold 9,215 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $49.77, for a total value of $458,630.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.20% of the company’s stock.

A number of large investors have recently modified their holdings of ITT. Aperio Group LLC lifted its position in ITT by 12.9% during the 3rd quarter. Aperio Group LLC now owns 14,731 shares of the conglomerate’s stock worth $652,000 after buying an additional 1,688 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in ITT during the 3rd quarter worth about $329,000. New York State Common Retirement Fund lifted its position in ITT by 9.3% during the 3rd quarter. New York State Common Retirement Fund now owns 391,047 shares of the conglomerate’s stock worth $17,312,000 after buying an additional 33,430 shares in the last quarter. Russell Investments Group Ltd. lifted its position in ITT by 5.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 620,767 shares of the conglomerate’s stock worth $27,482,000 after buying an additional 29,427 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in ITT by 17.4% during the 3rd quarter. Pacer Advisors Inc. now owns 12,237 shares of the conglomerate’s stock worth $542,000 after buying an additional 1,810 shares in the last quarter. 94.20% of the stock is currently owned by hedge funds and other institutional investors.

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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.

The Fly

Analyst Recommendations for ITT (NYSE:ITT)

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