ITT (NYSE:ITT) released its quarterly earnings results on Friday. The conglomerate reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.04, RTT News reports. The business had revenue of $719.90 million during the quarter, compared to analyst estimates of $703.80 million. ITT had a net margin of 11.04% and a return on equity of 16.69%. During the same period last year, the business earned $0.82 EPS. ITT updated its FY 2019 guidance to $3.58-3.68 EPS and its FY19 guidance to $3.58-3.68 EPS.
NYSE ITT traded down $1.42 during trading hours on Friday, reaching $59.27. 863,427 shares of the company traded hands, compared to its average volume of 427,402. ITT has a 12 month low of $44.89 and a 12 month high of $66.88. The stock has a market capitalization of $5.48 billion, a PE ratio of 18.35, a PEG ratio of 1.89 and a beta of 1.58. The stock has a 50 day simple moving average of $63.99.
In other ITT news, insider Farrokh Batliwala sold 8,950 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $61.38, for a total transaction of $549,351.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas M. Scalera sold 64,135 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $61.57, for a total transaction of $3,948,791.95. Following the transaction, the chief financial officer now owns 73,701 shares in the company, valued at $4,537,770.57. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Coastal Investment Advisors Inc. boosted its stake in ITT by 1,310.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 423 shares of the conglomerate’s stock valued at $27,000 after acquiring an additional 393 shares during the last quarter. Field & Main Bank bought a new position in shares of ITT in the 1st quarter worth about $28,000. Advisory Services Network LLC lifted its position in shares of ITT by 63.5% in the 2nd quarter. Advisory Services Network LLC now owns 528 shares of the conglomerate’s stock worth $34,000 after buying an additional 205 shares during the last quarter. Private Ocean LLC bought a new position in shares of ITT in the 2nd quarter worth about $43,000. Finally, Ibex Wealth Advisors bought a new position in shares of ITT in the 2nd quarter worth about $65,000. Hedge funds and other institutional investors own 89.70% of the company’s stock.
A number of equities research analysts recently weighed in on ITT shares. Oppenheimer set a $72.00 price target on shares of ITT and gave the company a “buy” rating in a report on Friday, July 19th. Stifel Nicolaus raised their price target on shares of ITT from $66.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Wednesday, June 12th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $67.25.
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
Further Reading: Percentage Decliners
Receive News & Ratings for ITT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT and related companies with MarketBeat.com's FREE daily email newsletter.