ITT Inc. (ITT) Stock Rating Upgraded by Zacks Investment Research
ITT Inc. (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $51.00 price target on the conglomerate’s stock. Zacks Investment Research‘s target price indicates a potential upside of 10.27% from the company’s current price.
According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Going forward, the company expects its rail and auto businesses to act as major growth drivers, fuelled by increase by recent acquisitions and growth in the aftermarket brake pad business. Further, ITT Inc.’s shares have outperformed the industry average over the past year. Also, the company 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.”
Other equities research analysts have also issued reports about the company. Cowen and Company restated a “buy” rating and issued a $50.00 target price on shares of ITT in a report on Thursday, September 21st. BidaskClub lowered ITT from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Deutsche Bank AG upgraded ITT from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $55.00 in a report on Monday, October 9th. Robert W. Baird restated a “buy” rating and issued a $51.00 target price on shares of ITT in a report on Wednesday, October 4th. Finally, ValuEngine lowered ITT from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $48.50.
Shares of ITT (NYSE:ITT) opened at 46.25 on Thursday. ITT has a 1-year low of $32.46 and a 1-year high of $46.76. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 19.81 and a beta of 1.48. The stock’s 50 day moving average is $42.81 and its 200-day moving average is $40.88.
ITT (NYSE:ITT) last posted its earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. During the same period in the previous year, the company earned $0.67 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts anticipate that ITT will post $2.47 EPS for the current year.
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In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total transaction of $214,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ITT. Pinnacle Financial Partners Inc. acquired a new position in shares of ITT in the second quarter valued at $105,000. Riverhead Capital Management LLC raised its stake in shares of ITT by 57.0% in the second quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after purchasing an additional 1,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ITT by 10.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after purchasing an additional 314 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ITT in the first quarter valued at $214,000. Finally, Stephens Inc. AR acquired a new position in shares of ITT in the first quarter valued at $222,000. Institutional investors own 92.58% of the company’s stock.
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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