Zacks Investment Research downgraded shares of ITT (NYSE:ITT) from a hold rating to a sell rating in a research note released on Tuesday.

According to Zacks, “Over the past month, ITT's shares have underperformed the industry. Also, rising cost of sales has remained a major concern for ITT over the past few quarters. The company noted that material cost inflation (on account of tariffs) and higher incentive expenses are escalating its aggregate costs. The company perceives that fresh round of tariffs will augment inflationary pressure over its business in 2019. Given the company’s strong presence in international markets, its business is exposed to exchange-rate fluctuations and foreign currency translation risks.”

A number of other research analysts have also recently issued reports on ITT. Gordon Haskett started coverage on shares of ITT in a report on Friday, October 12th. They set a buy rating for the company. ValuEngine cut shares of ITT from a buy rating to a hold rating in a report on Tuesday, October 16th. Oppenheimer set a $67.00 price objective on shares of ITT and gave the company a buy rating in a report on Wednesday, October 17th. Robert W. Baird restated a buy rating and set a $65.00 price objective on shares of ITT in a report on Wednesday, November 7th. Finally, Stifel Nicolaus restated a buy rating and set a $60.00 price objective on shares of ITT in a report on Wednesday, December 19th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. ITT has a consensus rating of Buy and an average price target of $64.38.

NYSE ITT traded down $0.17 during trading on Tuesday, reaching $50.73. 6,148 shares of the stock traded hands, compared to its average volume of 560,892. The stock has a market cap of $4.42 billion, a P/E ratio of 19.59, a P/E/G ratio of 1.14 and a beta of 1.66. ITT has a fifty-two week low of $44.89 and a fifty-two week high of $63.04.

ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, November 2nd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.03. The firm had revenue of $680.60 million during the quarter, compared to analysts’ expectations of $677.36 million. ITT had a net margin of 7.80% and a return on equity of 16.10%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. On average, analysts forecast that ITT will post 3.15 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 28th. Shareholders of record on Friday, December 7th were paid a $0.134 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Thursday, December 6th. ITT’s payout ratio is currently 20.85%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its position in shares of ITT by 180.6% in the third quarter. Assenagon Asset Management S.A. now owns 280,100 shares of the conglomerate’s stock worth $17,159,000 after purchasing an additional 180,275 shares in the last quarter. Bank of America Corp DE lifted its position in shares of ITT by 2.5% in the second quarter. Bank of America Corp DE now owns 1,055,247 shares of the conglomerate’s stock worth $55,157,000 after purchasing an additional 25,508 shares in the last quarter. BlackRock Inc. lifted its position in shares of ITT by 1.3% in the second quarter. BlackRock Inc. now owns 7,747,776 shares of the conglomerate’s stock worth $404,973,000 after purchasing an additional 100,364 shares in the last quarter. FMR LLC lifted its position in shares of ITT by 14.2% in the third quarter. FMR LLC now owns 7,617,264 shares of the conglomerate’s stock worth $466,635,000 after purchasing an additional 945,321 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in shares of ITT by 2.5% in the third quarter. Arizona State Retirement System now owns 62,200 shares of the conglomerate’s stock worth $3,810,000 after purchasing an additional 1,520 shares in the last quarter. 91.10% of the stock is currently owned by hedge funds and other institutional investors.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.

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