Zacks Investment Research Upgrades ITT Inc. (NYSE:ITT) to Buy
Zacks Investment Research upgraded shares of ITT Inc. (NYSE:ITT) from a hold rating to a buy rating in a report published on Tuesday. The firm currently has $46.00 price target 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 focus on business streamlining, cost controls and efficiency continues to prove beneficial to its financial performance. ITT Inc.’s diversified operations across key end markets adds to its strength. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Further, ITT Inc.’s shares have outperformed the Zacks categorized Diversified Operations industry average over the past year. ITT Inc. 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.”
Other analysts have also recently issued reports about the stock. TheStreet raised shares of ITT from a c+ rating to a b rating in a research note on Monday, March 27th. Stifel Nicolaus boosted their price objective on shares of ITT from $49.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, May 9th. BidaskClub raised shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. ValuEngine raised shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. Finally, Goldman Sachs Group, Inc. (The) cut shares of ITT from a buy rating to a neutral rating and lowered their price objective for the company from $46.00 to $43.00 in a research note on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $46.57.
ITT (NYSE:ITT) traded up 0.29% on Tuesday, reaching $41.63. The company’s stock had a trading volume of 278,214 shares. The firm has a 50 day moving average price of $40.04 and a 200 day moving average price of $40.57. ITT has a 52 week low of $31.08 and a 52 week high of $44.00. The stock has a market capitalization of $3.69 billion, a P/E ratio of 19.18 and a beta of 1.47.
ITT (NYSE:ITT) last announced its quarterly earnings data on Monday, May 8th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.04. ITT had a net margin of 8.04% and a return on equity of 14.65%. The company had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. During the same period in the previous year, the company earned $0.59 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts anticipate that ITT will post $2.43 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Monday, June 12th were issued a dividend of $0.128 per share. The ex-dividend date of this dividend was Thursday, June 8th. This represents a $0.51 annualized dividend and a dividend yield of 1.23%. ITT’s payout ratio is 23.50%.
Several institutional investors have recently bought and sold shares of the stock. Farmers & Merchants Investments Inc. raised its position in ITT by 106.3% in the second quarter. Farmers & Merchants Investments Inc. now owns 71,562 shares of the conglomerate’s stock valued at $2,875,000 after buying an additional 36,866 shares during the last quarter. State Treasurer State of Michigan raised its position in ITT by 2.0% in the second quarter. State Treasurer State of Michigan now owns 36,500 shares of the conglomerate’s stock valued at $1,467,000 after buying an additional 700 shares during the last quarter. Aperio Group LLC raised its position in ITT by 3.4% in the second quarter. Aperio Group LLC now owns 13,043 shares of the conglomerate’s stock valued at $524,000 after buying an additional 423 shares during the last quarter. Louisiana State Employees Retirement System raised its position in ITT by 3.6% in the second quarter. Louisiana State Employees Retirement System now owns 23,100 shares of the conglomerate’s stock valued at $928,000 after buying an additional 800 shares during the last quarter. Finally, LS Investment Advisors LLC raised its position in ITT by 16.3% in the second quarter. LS Investment Advisors LLC now owns 7,092 shares of the conglomerate’s stock valued at $285,000 after buying an additional 993 shares during the last quarter. Institutional investors and hedge funds own 92.60% 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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