ITT Inc. (ITT) Earns “Buy” Rating from Cowen and Company
Cowen and Company reissued their buy rating on shares of ITT Inc. (NYSE:ITT) in a research note released on Thursday. Cowen and Company currently has a $50.00 price target on the conglomerate’s stock.
Several other equities analysts have also recently issued reports on ITT. Goldman Sachs Group, Inc. (The) cut shares of ITT from a buy rating to a neutral rating and dropped their price objective for the company from $46.00 to $43.00 in a research note on Tuesday, June 6th. BidaskClub raised shares of ITT from a sell rating to a hold rating in a research note on Tuesday, June 13th. ValuEngine raised shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. Zacks Investment Research raised shares of ITT from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus reissued a buy rating and issued a $49.00 price objective on shares of ITT in a research note on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $46.75.
Shares of ITT (NYSE ITT) opened at 44.43 on Thursday. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 19.03 and a beta of 1.46. ITT has a 52-week low of $32.46 and a 52-week high of $44.57. The company’s 50-day moving average is $40.49 and its 200 day moving average is $40.30.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.02. The company had revenue of $630.90 million for the quarter, compared to analysts’ expectations of $628.65 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. ITT’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 EPS. On average, analysts expect that ITT will post $2.46 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be paid a dividend of $0.128 per share. The ex-dividend date is Friday, September 8th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.15%. ITT’s dividend payout ratio (DPR) is presently 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio grew its stake in shares of ITT by 86.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 71,392 shares of the conglomerate’s stock worth $2,869,000 after purchasing an additional 33,182 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of ITT by 2.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 26,533 shares of the conglomerate’s stock worth $1,066,000 after purchasing an additional 533 shares during the period. Nomura Holdings Inc. grew its stake in shares of ITT by 134.4% during the 2nd quarter. Nomura Holdings Inc. now owns 13,460 shares of the conglomerate’s stock worth $541,000 after purchasing an additional 7,718 shares during the period. Bank of Nova Scotia grew its stake in shares of ITT by 21.3% during the 2nd quarter. Bank of Nova Scotia now owns 223,571 shares of the conglomerate’s stock worth $8,983,000 after purchasing an additional 39,200 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of ITT by 17.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 6,120 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 914 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.
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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