ITT (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $63.00 price target on the conglomerate’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.46% from the company’s previous close.

According to Zacks, “Over the past month, ITT’s shares have outperformed the industry. The company reported better-than-expected third-quarter 2018 results. Quarterly adjusted earnings of 82 cents per share outpaced the Zacks Consensus Estimate by 3.8%. On the other hand, revenues in the reported quarter surpassed the same by 1.4%. ITT believes strength in its chemical and general industrial businesses, sturdier demand for connectors and growth in automotive friction orders will likely drive its revenues in the quarters ahead. Also, commercial excellence, increased productivity, lower tax expenses and stronger sales volumes are expected to boost its near-term profitability. The company also anticipates that new innovation investments will aid in improving its revenues and profitability going forward. Moreover, ITT remains on track to boost its shareholders’ value over time.”

A number of other research analysts have also recently issued reports on the stock. Oppenheimer set a $67.00 target price on shares of ITT and gave the company a “buy” rating in a research note on Wednesday, October 17th. ValuEngine cut shares of ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. Gordon Haskett started coverage on shares of ITT in a research note on Friday, October 12th. They issued a “buy” rating for the company. KeyCorp lifted their target price on shares of ITT from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $65.00 target price on shares of ITT in a research note on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $66.38.

NYSE ITT traded up $0.02 during trading on Tuesday, reaching $55.04. 4,927 shares of the company traded hands, compared to its average volume of 913,004. The company has a market capitalization of $4.95 billion, a price-to-earnings ratio of 21.24, a PEG ratio of 1.46 and a beta of 1.71. ITT has a 1-year low of $46.10 and a 1-year high of $63.04.

ITT (NYSE:ITT) last released its quarterly earnings data on Friday, November 2nd. The conglomerate reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. The company had revenue of $680.60 million for the quarter, compared to the consensus estimate of $677.36 million. ITT had a return on equity of 16.10% and a net margin of 7.80%. The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 earnings per share. Equities analysts expect that ITT will post 3.15 EPS for the current year.

Large investors have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in shares of ITT in the third quarter valued at approximately $128,000. Bessemer Group Inc. raised its position in ITT by 593.9% in the 3rd quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock worth $173,000 after purchasing an additional 2,423 shares during the last quarter. Stratos Wealth Partners LTD. bought a new position in ITT in the 3rd quarter worth approximately $176,000. Boston Private Wealth LLC bought a new position in ITT in the 3rd quarter worth approximately $205,000. Finally, CIBC Asset Management Inc bought a new position in ITT in the 3rd quarter worth approximately $206,000. Institutional investors own 88.64% of the company’s stock.

ITT Company Profile

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.

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