ITT Inc. (NYSE:ITT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “ITT’s third-quarter 2017 adjusted earnings beat the Zacks Consensus Estimate by 8.2% and rose 13.2% year over year, on the back of strong growth in top line. Growth in revenues was driven by broad-based strength in transportation and chemical markets, and benefits from the Axtone buyout. The company raised both its earnings and revenue guidance for 2017, on the back of order growth and operational momentum. Consequently, ITT’s shares have surpassed the industry average over the past year. However, lower mining activity levels restricted growth at Industrial Process segment. Also, weaker upstream and midstream project activity hurt performance in the oil and gas market. Going forward, softness in aerospace and defense market, restrained client spending and higher commodity costs might restrict the company’s growth meaningfully.”
Several other equities research analysts also recently commented on the company. BidaskClub downgraded 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 raised their target price for the company from $46.00 to $55.00 in a report on Monday, October 9th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Thursday, November 9th. Cowen and Company restated a “buy” rating and set a $50.00 price objective on shares of ITT in a report on Thursday, September 21st. Finally, Stifel Nicolaus restated a “buy” rating and set a $49.00 price objective on shares of ITT in a report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. ITT presently has an average rating of “Buy” and a consensus price target of $50.44.
ITT (NYSE:ITT) last released its quarterly earnings data on Thursday, November 2nd. The conglomerate reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The company had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. ITT had a return on equity of 14.12% and a net margin of 8.29%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business posted $0.58 EPS. analysts forecast that ITT will post 2.53 EPS for the current year.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total value of $214,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Denise L. Ramos sold 161,100 shares of ITT stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $50.14, for a total value of $8,077,554.00. Following the completion of the transaction, the insider now owns 283,032 shares of the company’s stock, valued at approximately $14,191,224.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,960 shares of company stock valued at $8,845,462. Insiders own 1.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Pinnacle Financial Partners Inc. acquired a new position in ITT during the 2nd quarter valued at approximately $105,000. Riverhead Capital Management LLC boosted its position in ITT by 57.0% during the 2nd 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 during the period. Stevens First Principles Investment Advisors acquired a new position in ITT during the 3rd quarter valued at approximately $137,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ITT by 10.6% during the 2nd 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 during the period. Finally, Huntington National Bank acquired a new position in ITT during the 3rd quarter valued at approximately $191,000. Institutional investors and hedge funds own 93.36% 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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