ITT Inc. (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $46.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.90% from the stock’s previous close.

According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. ITT Inc.’s diversified operations across key end markets, geographies and business cycles, is one of the company’s biggest strengths that helps in combating weakness in a single market. Also, the company’s current year estimates have moved north over the past couple of months. 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 industry average over year to date. ITT Inc. has achieved operational excellence through its Lean Six Sigma program. However, on the negative side, 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 a number of other reports. BidaskClub upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and lowered their target price for the company from $46.00 to $43.00 in a report on Tuesday, June 6th. Finally, Stifel Nicolaus raised their target price on ITT from $49.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $46.57.

ITT (ITT) traded down 2.82% during mid-day trading on Friday, hitting $40.31. The company had a trading volume of 265,175 shares. The company has a market capitalization of $3.58 billion, a P/E ratio of 18.58 and a beta of 1.47. ITT has a 52-week low of $31.08 and a 52-week high of $44.00. The company has a 50-day moving average price of $40.40 and a 200 day moving average price of $40.62.

ITT (NYSE:ITT) last announced its earnings results on Monday, May 8th. The conglomerate reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.04. ITT had a return on equity of 14.65% and a net margin of 8.04%. The company had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. During the same period last year, the business posted $0.59 EPS. ITT’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts forecast that ITT will post $2.43 EPS for the current fiscal year.

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Large investors have recently bought and sold shares of the stock. Rothschild Asset Management Inc. raised its stake in ITT by 6.8% in the second quarter. Rothschild Asset Management Inc. now owns 437,103 shares of the conglomerate’s stock worth $17,563,000 after buying an additional 27,943 shares in the last quarter. Channing Capital Management LLC raised its stake in ITT by 271.6% in the second quarter. Channing Capital Management LLC now owns 564,125 shares of the conglomerate’s stock worth $22,667,000 after buying an additional 412,332 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in ITT by 2.4% in the second quarter. Great West Life Assurance Co. Can now owns 53,283 shares of the conglomerate’s stock worth $2,140,000 after buying an additional 1,250 shares in the last quarter. ING Groep NV bought a new stake in ITT during the second quarter worth about $433,000. Finally, Albert D Mason Inc. raised its stake in ITT by 27.5% in the second quarter. Albert D Mason Inc. now owns 38,659 shares of the conglomerate’s stock worth $1,553,000 after buying an additional 8,330 shares in the last quarter. 92.59% of the stock is currently owned by 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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Analyst Recommendations for ITT (NYSE:ITT)

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