ITT Inc. (NYSE:ITT) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of ITT Inc. (NYSE:ITT) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $46.00 price objective 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.”
ITT has been the subject of several other reports. BidaskClub upgraded shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. ValuEngine upgraded shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) downgraded shares of ITT from a buy rating to a neutral rating and decreased their target price for the company from $46.00 to $43.00 in a research note on Tuesday, June 6th. Stifel Nicolaus upped their target price 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. Finally, TheStreet upgraded shares of ITT from a c+ rating to a b rating in a research note on Monday, March 27th. One investment 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 stock has a consensus rating of Buy and an average target price of $46.57.
Shares of ITT (NYSE ITT) traded down 0.75% during midday trading on Tuesday, hitting $41.20. 109,157 shares of the stock were exchanged. ITT has a 12-month low of $31.08 and a 12-month high of $44.00. The firm has a 50 day moving average of $40.04 and a 200 day moving average of $40.57. The firm has a market cap of $3.65 billion, a P/E ratio of 18.99 and a beta of 1.47.
ITT (NYSE:ITT) last announced its earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.04. The business had revenue of $625.80 million during the quarter, compared to the consensus estimate of $607.08 million. ITT had a net margin of 8.04% and a return on equity of 14.65%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. Equities analysts forecast that ITT will post $2.43 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Monday, June 12th were issued a $0.128 dividend. The ex-dividend date was Thursday, June 8th. This represents a $0.51 annualized dividend and a yield of 1.23%. ITT’s dividend payout ratio is presently 23.50%.
A number of hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its stake in ITT by 10.2% in the first quarter. AQR Capital Management LLC now owns 1,295,962 shares of the conglomerate’s stock valued at $53,160,000 after buying an additional 119,933 shares in the last quarter. Advantus Capital Management Inc boosted its stake in shares of ITT by 3.0% in the first quarter. Advantus Capital Management Inc now owns 11,293 shares of the conglomerate’s stock worth $463,000 after buying an additional 332 shares during the period. Teachers Advisors LLC boosted its stake in shares of ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock worth $43,226,000 after buying an additional 219,763 shares during the period. Clinton Group Inc. acquired a new stake in shares of ITT during the first quarter worth $307,000. Finally, Citadel Advisors LLC boosted its stake in shares of ITT by 63.1% in the first quarter. Citadel Advisors LLC now owns 22,886 shares of the conglomerate’s stock worth $939,000 after buying an additional 8,850 shares during the period. 92.60% of the stock is currently owned by hedge funds and other institutional investors.
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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