ITT Inc. (NYSE:ITT) Releases Earnings Results
ITT Inc. (NYSE:ITT) posted its earnings results on Friday. The conglomerate reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.02, Bloomberg Earnings reports. The firm had revenue of $630.90 million for the quarter, compared to analysts’ expectations of $628.65 million. ITT had a net margin of 8.04% and a return on equity of 14.65%. The company’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.67 earnings per share. ITT updated its FY17 guidance to $2.40-2.50 EPS.
ITT (ITT) opened at 41.98 on Friday. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 19.35 and a beta of 1.47. The company has a 50-day moving average of $40.52 and a 200 day moving average of $40.59. ITT has a 12-month low of $31.19 and a 12-month high of $44.00.
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A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. BidaskClub lowered shares of ITT from a “hold” rating to a “sell” rating in a report on Saturday. Stifel Nicolaus lifted their price target on shares of ITT from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, May 9th. Goldman Sachs Group, Inc. (The) lowered shares of ITT from a “buy” rating to a “neutral” rating and cut their price target for the stock from $46.00 to $43.00 in a report on Tuesday, June 6th. Finally, ValuEngine upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $46.57.
Several institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Financial Partners Inc. bought a new stake in ITT during the second quarter valued at $105,000. Timber Hill LLC bought a new stake in ITT during the first quarter valued at $201,000. Coastline Trust Co acquired a new position in shares of ITT during the first quarter valued at approximately $205,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ITT during the first quarter valued at approximately $214,000. Finally, Stephens Inc. AR acquired a new position in shares of ITT during the first quarter valued at approximately $222,000. 92.66% 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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