ITT’s (ITT) “Buy” Rating Reiterated at Stifel Nicolaus
Stifel Nicolaus reissued their buy rating on shares of ITT (NYSE:ITT) in a research report released on Tuesday, Marketbeat.com reports. They currently have a $63.00 price objective on the conglomerate’s stock, up from their prior price objective of $60.00.
A number of other brokerages have also recently issued reports on ITT. Robert W. Baird restated a buy rating and issued a $51.00 price objective on shares of ITT in a research note on Wednesday, October 4th. Seaport Global Securities restated a buy rating on shares of ITT in a research note on Monday, November 6th. Zacks Investment Research cut ITT from a buy rating to a hold rating in a research note on Monday, November 20th. KeyCorp restated a buy rating on shares of ITT in a research note on Friday, November 3rd. Finally, ValuEngine cut ITT from a buy rating to a hold rating in a research report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $56.14.
Shares of ITT (NYSE ITT) traded up $0.97 during trading on Tuesday, reaching $56.28. The company had a trading volume of 1,102,362 shares, compared to its average volume of 587,208. ITT has a fifty-two week low of $36.93 and a fifty-two week high of $56.30. The company has a market cap of $4,870.00, a PE ratio of 24.68, a P/E/G ratio of 1.47 and a beta of 1.59.
ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.05. ITT had a return on equity of 14.12% and a net margin of 8.29%. The business had revenue of $645.00 million for the quarter, compared to analysts’ expectations of $605.06 million. During the same period in the previous year, the business posted $0.58 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. sell-side analysts expect that ITT will post 2.53 EPS for the current year.
In other news, insider Denise L. Ramos sold 161,100 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $50.14, for a total transaction of $8,077,554.00. Following the sale, the insider now directly owns 283,032 shares in the company, valued at $14,191,224.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas M. Scalera sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $50.98, for a total value of $254,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 171,960 shares of company stock worth $8,630,962. Company insiders own 1.20% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Riverhead Capital Management LLC increased its position 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 worth $117,000 after purchasing an additional 1,059 shares during the last quarter. Stevens First Principles Investment Advisors bought a new position in shares of ITT in the third quarter worth approximately $137,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position 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 worth $132,000 after purchasing an additional 314 shares during the last quarter. Creative Planning bought a new position in shares of ITT in the fourth quarter worth approximately $205,000. Finally, Huntington National Bank bought a new position in shares of ITT in the third quarter worth approximately $191,000. Hedge funds and other institutional investors own 92.45% 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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