Zacks Investment Research Lowers ITT (ITT) to Hold

Zacks Investment Research lowered shares of ITT (NYSE:ITT) from a buy rating to a hold rating in a report released on Tuesday morning.

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. 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.”

Other research analysts have also recently issued research reports about the stock. Robert W. Baird reiterated an outperform rating and issued a $60.00 price target (up previously from $51.00) on shares of ITT in a report on Thursday, November 2nd. 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. ValuEngine upgraded shares of ITT from a hold rating to a buy rating in a report on Thursday, November 9th. KeyCorp reiterated a buy rating on shares of ITT in a report on Friday, November 3rd. Finally, Seaport Global Securities reiterated a buy rating on shares of ITT in a report on Monday, November 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. The company has an average rating of Buy and a consensus target price of $52.13.

Shares of ITT (ITT) traded up $0.01 during midday trading on Tuesday, reaching $54.91. 269,101 shares of the company were exchanged, compared to its average volume of 566,771. The firm has a market capitalization of $4,830.00, a PE ratio of 24.08, a P/E/G ratio of 1.47 and a beta of 1.59. ITT has a 52-week low of $36.93 and a 52-week high of $55.34.

ITT (NYSE:ITT) last issued 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. The firm had revenue of $645.00 million during the quarter, compared to analysts’ expectations of $605.06 million. ITT had a net margin of 8.29% and a return on equity of 14.12%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.58 earnings per share. equities research analysts predict that ITT will post 2.53 earnings per share for the current fiscal year.

In other news, VP Steven C. Giuliano sold 5,860 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $50.94, for a total value of $298,508.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas M. Scalera sold 5,000 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was 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. Insiders sold 171,960 shares of company stock valued at $8,630,962 in the last quarter. Corporate insiders own 1.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of ITT by 0.9% in the second quarter. Vanguard Group Inc. now owns 8,014,284 shares of the conglomerate’s stock worth $322,014,000 after purchasing an additional 74,138 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of ITT by 2.7% in the third quarter. Janus Henderson Group PLC now owns 3,132,953 shares of the conglomerate’s stock worth $138,696,000 after purchasing an additional 80,975 shares in the last quarter. FMR LLC lifted its position in shares of ITT by 12.7% in the second quarter. FMR LLC now owns 2,844,070 shares of the conglomerate’s stock worth $114,274,000 after purchasing an additional 319,880 shares in the last quarter. Macquarie Group Ltd. lifted its position in shares of ITT by 18.5% in the third quarter. Macquarie Group Ltd. now owns 2,615,074 shares of the conglomerate’s stock worth $115,769,000 after purchasing an additional 407,746 shares in the last quarter. Finally, State Street Corp lifted its position in shares of ITT by 1.2% in the second quarter. State Street Corp now owns 2,331,009 shares of the conglomerate’s stock worth $93,659,000 after purchasing an additional 26,802 shares in the last quarter. 92.49% of the stock is currently owned by institutional investors and hedge funds.

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ITT Company Profile

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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