Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $60.00 target price on the conglomerate’s stock.
According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates all through in the trailing four quarters. Also, the company’s current year estimates have moved north over the past couple of months. The company has been enjoying 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. Also, the company’s comprehensive three-pronged growth strategy, involving optimizing execution, effective capital deployment and market expansion, is expected to bolster its financials. Consequently, ITT’s shares have surpassed the industry average over the past year. However, softness in aerospace and defense market, restrained client spending and higher commodity costs might restrict the company’s growth meaningfully.”
A number of other equities research analysts have also recently issued reports on ITT. Cowen restated a buy rating and set a $50.00 price target on shares of ITT in a report on Thursday, September 21st. Robert W. Baird restated a buy rating and set a $51.00 price target on shares of ITT in a report on Wednesday, October 4th. Deutsche Bank upgraded shares of ITT from a hold rating to a buy rating and upped their price target for the company from $46.00 to $55.00 in a report on Monday, October 9th. KeyCorp restated a buy rating on shares of ITT in a report on Friday, November 3rd. Finally, Seaport Global Securities restated a buy rating on shares of ITT in a report on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $52.00.
ITT (NYSE:ITT) last posted its earnings results on Thursday, November 2nd. The conglomerate reported $0.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The firm had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. During the same period in the prior year, the business posted $0.58 earnings per share. The business’s quarterly revenue was up 10.9% on a year-over-year basis. equities analysts expect that ITT will post 2.53 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 8th were paid a $0.128 dividend. This represents a $0.51 annualized dividend and a dividend yield of 0.96%. The ex-dividend date was Thursday, December 7th. ITT’s payout ratio is presently 22.37%.
In related news, VP Steven C. Giuliano sold 5,860 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $50.94, for a total value of $298,508.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas M. Scalera sold 5,000 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $50.98, for a total transaction of $254,900.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 171,960 shares of company stock valued at $8,630,962. 1.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ITT. Schwab Charles Investment Management Inc. lifted its stake in shares of ITT by 46.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 515,458 shares of the conglomerate’s stock valued at $20,712,000 after buying an additional 164,056 shares during the period. State of Wisconsin Investment Board lifted its stake in shares of ITT by 190.4% in the second quarter. State of Wisconsin Investment Board now owns 17,691 shares of the conglomerate’s stock valued at $711,000 after buying an additional 11,600 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of ITT by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 1,139,690 shares of the conglomerate’s stock valued at $45,795,000 after buying an additional 18,239 shares during the period. Legal & General Group Plc lifted its stake in shares of ITT by 13.2% in the second quarter. Legal & General Group Plc now owns 90,391 shares of the conglomerate’s stock valued at $3,632,000 after buying an additional 10,528 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its stake in ITT by 71.2% during the second quarter. BNP Paribas Arbitrage SA now owns 33,582 shares of the conglomerate’s stock worth $1,349,000 after purchasing an additional 13,966 shares during the period. Institutional investors and hedge funds own 92.49% of the company’s stock.
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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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