Zacks Investment Research Lowers ITT (ITT) to Hold

Zacks Investment Research cut shares of ITT (NYSE:ITT) from a buy rating to a hold rating in a research note released on Tuesday, January 9th.

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 equities analysts also recently issued reports about the company. ValuEngine raised ITT from a hold rating to a buy rating in a research report on Thursday, November 9th. Seaport Global Securities reaffirmed a buy rating on shares of ITT in a research report on Monday, November 6th. KeyCorp reaffirmed a buy rating on shares of ITT in a research report on Friday, November 3rd. Deutsche Bank raised ITT from a hold rating to a buy rating and upped their price target for the stock from $46.00 to $55.00 in a research report on Monday, October 9th. Finally, Robert W. Baird reaffirmed a buy rating and set a $51.00 price target on shares of ITT in a research report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $56.00.

ITT (NYSE:ITT) opened at $55.18 on Tuesday. The stock has a market capitalization of $4,855.84, a price-to-earnings ratio of 23.68, a PEG ratio of 1.45 and a beta of 1.54. ITT has a 12-month low of $36.93 and a 12-month high of $57.62.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business 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 business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 earnings per share. research analysts predict that ITT will post 2.54 EPS for the current fiscal year.

In other ITT news, insider Denise L. Ramos sold 161,100 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $50.14, for a total value of $8,077,554.00. Following the sale, the insider now directly owns 283,032 shares of the company’s stock, valued at $14,191,224.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas M. Scalera sold 5,000 shares of the company’s stock in a transaction on 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. Insiders have sold 171,960 shares of company stock worth $8,630,962 over the last three months. Corporate insiders own 1.20% of the company’s stock.

Large investors have recently bought and sold shares of the business. Prudential Financial Inc. boosted its holdings in ITT by 273.4% in the second quarter. Prudential Financial Inc. now owns 203,051 shares of the conglomerate’s stock valued at $8,159,000 after purchasing an additional 148,668 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its holdings in ITT by 7.5% in the third quarter. SeaBridge Investment Advisors LLC now owns 175,938 shares of the conglomerate’s stock valued at $7,789,000 after purchasing an additional 12,298 shares during the last quarter. Nomura Holdings Inc. boosted its holdings in ITT by 134.4% in the second quarter. Nomura Holdings Inc. now owns 13,460 shares of the conglomerate’s stock valued at $541,000 after purchasing an additional 7,718 shares during the last quarter. WBI Investments Inc. purchased a new stake in ITT in the second quarter valued at $790,000. Finally, Dimensional Fund Advisors LP boosted its holdings in ITT by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,739,927 shares of the conglomerate’s stock valued at $69,909,000 after purchasing an additional 63,916 shares during the last quarter. 92.66% of the stock is currently owned by institutional investors.

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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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