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

According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates all through in the trailing four quarters. Also, the company’s current year estimates have moved north over the past couple of months. The company has been enjoying broad-based strength in transportation and chemical markets, and benefits from the Axtone buyout. The company raised both its earnings and revenue guidance for 2017, on the back of order growth and operational momentum. Consequently, ITT’s shares have surpassed the industry average over the past year. However, lower mining activity levels restricted growth at Industrial Process segment. Also, weaker upstream and midstream project activity hurt performance in the oil and gas market. Going forward, softness in aerospace and defense market, restrained client spending and higher commodity costs might restrict the company’s growth meaningfully.”

A number of other equities research analysts have also commented on ITT. ValuEngine lowered shares of ITT from a buy rating to a hold rating in a report on Friday, December 1st. Seaport Global Securities reiterated a buy rating on shares of ITT in a report on Monday, November 6th. KeyCorp reiterated a buy rating on shares of ITT in a report on Friday, November 3rd. Robert W. Baird reiterated an outperform rating and set a $60.00 price target (up from $51.00) on shares of ITT in a report on Thursday, November 2nd. Finally, Deutsche Bank upgraded shares of ITT from a hold rating to a buy rating and upped their price target for the company from $46.00 to $55.00 in a report on Monday, October 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $52.13.

Shares of ITT (NYSE:ITT) traded up $0.01 during trading on Tuesday, hitting $54.91. 269,101 shares of the stock were exchanged, compared to its average volume of 566,771. ITT has a 12 month low of $36.93 and a 12 month high of $55.34. The stock has a market cap of $4,830.00, a PE ratio of 24.08, a price-to-earnings-growth ratio of 1.47 and a beta of 1.59.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The company had revenue of $645.00 million during the quarter, compared to analysts’ expectations of $605.06 million. During the same quarter in the prior year, the company earned $0.58 EPS. The firm’s revenue was up 10.9% on a year-over-year basis. analysts anticipate that ITT will post 2.53 EPS for the current year.

In other ITT news, VP Steven C. Giuliano sold 5,860 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $50.94, for a total value of $298,508.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas M. Scalera sold 5,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $50.98, for a total transaction of $254,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 171,960 shares of company stock valued at $8,630,962 over the last quarter. 1.20% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Prudential Financial Inc. raised its holdings in ITT by 273.4% in the 2nd quarter. Prudential Financial Inc. now owns 203,051 shares of the conglomerate’s stock worth $8,159,000 after purchasing an additional 148,668 shares in the last quarter. SeaBridge Investment Advisors LLC raised its holdings in ITT by 7.5% in the 3rd quarter. SeaBridge Investment Advisors LLC now owns 175,938 shares of the conglomerate’s stock worth $7,789,000 after purchasing an additional 12,298 shares in the last quarter. Nomura Holdings Inc. raised its holdings in ITT by 134.4% in the 2nd 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. WBI Investments Inc. bought a new position in ITT in the 2nd quarter worth $790,000. Finally, Dimensional Fund Advisors LP raised its holdings in ITT by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,739,927 shares of the conglomerate’s stock worth $69,909,000 after purchasing an additional 63,916 shares in the last quarter. Institutional investors and hedge funds own 92.49% of the company’s stock.

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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.

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