Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a report issued on Monday morning. They currently have $61.00 target price on the conglomerate’s stock.
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. ITT Inc. has achieved operational excellence through its Lean Six Sigma program, restructuring initiatives and global sourcing efforts. 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. Also, sluggish aerospace and defense business might add to the company’s woes.”
A number of other research analysts have also commented on the stock. ValuEngine lowered shares of ITT from a buy rating to a hold rating in a research report on Friday, December 1st. Seaport Global Securities restated a buy rating on shares of ITT in a research report on Monday, November 6th. KeyCorp reaffirmed a buy rating on shares of ITT in a report on Friday, November 3rd. Robert W. Baird reaffirmed an outperform rating and set a $60.00 price objective (up from $51.00) on shares of ITT in a report on Thursday, November 2nd. Finally, Deutsche Bank raised shares of ITT from a hold rating to a buy rating and lifted their price objective for the stock 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 issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $52.13.
ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $645.00 million during the quarter, compared to analyst estimates of $605.06 million. ITT had a net margin of 8.29% and a return on equity of 14.12%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.58 EPS. equities research analysts predict that ITT will post 2.53 earnings per share for the current year.
In other news, insider Denise L. Ramos sold 161,100 shares of ITT stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $50.14, for a total transaction of $8,077,554.00. Following the completion of the sale, the insider now directly owns 283,032 shares of the company’s stock, valued at approximately $14,191,224.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas M. Scalera sold 5,000 shares of ITT 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 ninety days. 1.20% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of ITT. Janus Henderson Group PLC bought a new stake in ITT in the second quarter worth $122,628,000. Macquarie Group Ltd. lifted its stake in ITT by 18.5% in the third quarter. Macquarie Group Ltd. now owns 2,615,074 shares of the conglomerate’s stock worth $115,769,000 after purchasing an additional 407,746 shares during the last quarter. Wells Fargo & Company MN lifted its stake in ITT by 95.3% in the third quarter. Wells Fargo & Company MN now owns 823,781 shares of the conglomerate’s stock worth $36,468,000 after purchasing an additional 401,902 shares during the last quarter. Numeric Investors LLC lifted its stake in ITT by 2,005.2% in the second quarter. Numeric Investors LLC now owns 362,100 shares of the conglomerate’s stock worth $14,549,000 after purchasing an additional 344,900 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in ITT by 66.2% in the third quarter. JPMorgan Chase & Co. now owns 847,137 shares of the conglomerate’s stock worth $37,351,000 after purchasing an additional 337,455 shares during the last quarter. 92.49% of the stock is owned by institutional investors and hedge funds.
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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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