ITT Corp. (ITT) Downgraded by Zacks Investment Research
According to Zacks, “ITT Corp.’s operations as well as profitability have been suffering in recent times, due to factors like lower operating income, tepid sales and higher effective tax rate. Going forward, softness in industrial as well as oil & gas markets remains a major headwind that. On account of these headwinds, ITT Corp. expects revenues in the oil and gas segment to plummet 46% on a year-over-year basis in the second half.In addition, pricing pressure on large projects and lower petrochemical and mining project activity will likely aggravate the fall in industrial business. However, ITT Corp.’s comprehensive three-pronged growth strategy involving optimizing execution, effective capital deployment and market expansion are expected to mitigate these weaknesses to some extent.”
A number of other analysts have also recently weighed in on the company. Oppenheimer Holdings Inc. reiterated a market perform rating on shares of ITT Corp. in a research report on Tuesday, August 23rd. Barclays PLC lowered their target price on ITT Corp. from $38.00 to $37.00 and set an equal weight rating on the stock in a research report on Monday, July 18th. KeyCorp restated a sector weight rating on shares of ITT Corp. in a research report on Wednesday, June 29th. Finally, Seaport Global Securities upgraded ITT Corp. from an accumulate rating to a buy rating and raised their target price for the company from $37.00 to $41.00 in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $41.43.
ITT Corp. (NYSE:ITT) opened at 35.98 on Tuesday. The firm has a 50 day moving average price of $35.60 and a 200 day moving average price of $35.16. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52. The stock has a market capitalization of $3.22 billion, a P/E ratio of 13.68 and a beta of 1.28.
ITT Corp. (NYSE:ITT) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The business had revenue of $626.20 million for the quarter, compared to analysts’ expectations of $620.12 million. ITT Corp. had a return on equity of 16.02% and a net margin of 9.49%. The business’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. Equities research analysts predict that ITT Corp. will post $2.40 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were given a $0.124 dividend. This represents a $0.50 annualized dividend and a yield of 1.37%. The ex-dividend date was Wednesday, September 7th. ITT Corp.’s dividend payout ratio (DPR) is presently 19.01%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Aperio Group LLC boosted its position in ITT Corp. by 7.5% in the first quarter. Aperio Group LLC now owns 17,929 shares of the company’s stock valued at $661,000 after buying an additional 1,258 shares during the period. Nisa Investment Advisors L.L.C. boosted its position in ITT Corp. by 8.4% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,824 shares of the company’s stock valued at $805,000 after buying an additional 1,700 shares during the period. TIAA CREF Investment Management LLC boosted its position in ITT Corp. by 2.8% in the first quarter. TIAA CREF Investment Management LLC now owns 305,058 shares of the company’s stock valued at $11,254,000 after buying an additional 8,279 shares during the period. Teachers Advisors Inc. boosted its position in ITT Corp. by 6.4% in the first quarter. Teachers Advisors Inc. now owns 920,889 shares of the company’s stock valued at $33,972,000 after buying an additional 55,366 shares during the period. Finally, BlackRock Inc. boosted its position in ITT Corp. by 17.5% in the first quarter. BlackRock Inc. now owns 49,120 shares of the company’s stock valued at $1,813,000 after buying an additional 7,298 shares during the period. Hedge funds and other institutional investors own 89.37% of the company’s stock.
About ITT Corp.
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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