ITT (ITT) Upgraded at Zacks Investment Research
ITT (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $63.00 price target on the conglomerate’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 17.14% from the stock’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.”
Other equities analysts also recently issued research reports about the company. Gordon Haskett initiated coverage on ITT in a research report on Friday, October 12th. They issued a “buy” rating on the stock. DA Davidson set a $70.00 price objective on ITT and gave the company a “buy” rating in a research report on Monday, August 6th. Stifel Nicolaus increased their price target on ITT from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. Oppenheimer reissued a “buy” rating and set a $67.00 price target (up previously from $60.00) on shares of ITT in a research report on Friday, August 3rd. Finally, Seaport Global Securities reissued a “buy” rating and set a $69.00 price target on shares of ITT in a research report on Tuesday, August 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 a consensus rating of “Buy” and an average price target of $66.38.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, November 2nd. The conglomerate reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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%. ITT’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 EPS. On average, equities research analysts expect that ITT will post 3.15 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in shares of ITT during the 3rd quarter worth $128,000. Bessemer Group Inc. grew its position in shares of ITT by 593.9% during the 3rd quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock worth $173,000 after buying an additional 2,423 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of ITT during the 3rd quarter worth $176,000. Boston Private Wealth LLC bought a new position in shares of ITT during the 3rd quarter worth $205,000. Finally, Ibex Investors LLC bought a new position in shares of ITT during the 3rd quarter worth $205,000. 89.47% of the stock is currently owned by institutional investors and hedge funds.
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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