ITT Inc. (ITT) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ITT Inc. (NYSE:ITT) from a hold rating to a buy rating in a research report released on Thursday morning. They currently have $51.00 target price on the conglomerate’s stock.

According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Going forward, the company expects its rail and auto businesses to act as major growth drivers, fuelled by increase by recent acquisitions and growth in the aftermarket brake pad business. Further, ITT Inc.’s shares have outperformed the industry average over the past year. Also, the company has achieved operational excellence through its Lean Six Sigma program, restructuring initiatives and global sourcing efforts. However, softness in industrial, oil & gas markets and aerospace and defense business is expected to affect client spending adversely, thus restricting the company’s growth to a great extent.”

ITT has been the subject of several other research reports. BidaskClub downgraded ITT from a buy rating to a hold rating in a research note on Tuesday, July 25th. Deutsche Bank AG upgraded ITT from a hold rating to a buy rating and increased their price target for the stock from $46.00 to $55.00 in a research note on Monday, October 9th. Cowen and Company reiterated a buy rating and set a $50.00 price target on shares of ITT in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a buy rating and set a $49.00 price target on shares of ITT in a research note on Wednesday, August 16th. Finally, ValuEngine upgraded ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $48.50.

ITT (ITT) traded up 0.76% during trading on Thursday, reaching $46.25. 395,119 shares of the company’s stock were exchanged. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 19.81 and a beta of 1.48. The firm’s 50-day moving average price is $42.91 and its 200-day moving average price is $40.89. ITT has a 12 month low of $32.46 and a 12 month high of $46.76.

ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $630.90 million during the quarter, compared to the consensus estimate of $628.65 million. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.67 EPS. On average, equities research analysts anticipate that ITT will post $2.47 EPS for the current year.

COPYRIGHT VIOLATION WARNING: “ITT Inc. (ITT) Lifted to Buy at Zacks Investment Research” was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this report on another site, it was illegally stolen and republished in violation of US and international copyright & trademark laws. The legal version of this report can be viewed at https://ledgergazette.com/2017/10/15/itt-inc-itt-lifted-to-buy-at-zacks-investment-research.html.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a $0.128 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.51 annualized dividend and a yield of 1.11%. ITT’s dividend payout ratio is currently 21.70%.

In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in ITT. UBS Asset Management Americas Inc. raised its holdings in shares of ITT by 20.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 69,398 shares of the conglomerate’s stock valued at $2,847,000 after acquiring an additional 11,580 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of ITT in the 1st quarter valued at about $518,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ITT in the 1st quarter valued at about $214,000. Envestnet Asset Management Inc. raised its holdings in shares of ITT by 11.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 6,462 shares of the conglomerate’s stock valued at $264,000 after acquiring an additional 654 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of ITT by 38.2% in the 1st quarter. JPMorgan Chase & Co. now owns 410,347 shares of the conglomerate’s stock valued at $16,833,000 after acquiring an additional 113,386 shares in the last quarter. 92.58% of the stock is currently owned by hedge funds and other institutional investors.

About ITT

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 a

According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Going forward, the company expects its rail and auto businesses to act as major growth drivers, fuelled by increase by recent acquisitions and growth in the aftermarket brake pad business. Further, ITT Inc.’s shares have outperformed the industry average over the past year. Also, the company has achieved operational excellence through its Lean Six Sigma program, restructuring initiatives and global sourcing efforts. However, softness in industrial, oil & gas markets and aerospace and defense business is expected to affect client spending adversely, thus restricting the company’s growth to a great extent.”

ITT has been the subject of several other research reports. BidaskClub downgraded ITT from a buy rating to a hold rating in a research note on Tuesday, July 25th. Deutsche Bank AG upgraded ITT from a hold rating to a buy rating and increased their price target for the stock from $46.00 to $55.00 in a research note on Monday, October 9th. Cowen and Company reiterated a buy rating and set a $50.00 price target on shares of ITT in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a buy rating and set a $49.00 price target on shares of ITT in a research note on Wednesday, August 16th. Finally, ValuEngine upgraded ITT from a hold rating to a buy rating in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $48.50.

ITT (ITT) traded up 0.76% during trading on Thursday, reaching $46.25. 395,119 shares of the company’s stock were exchanged. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 19.81 and a beta of 1.48. The firm’s 50-day moving average price is $42.91 and its 200-day moving average price is $40.89. ITT has a 12 month low of $32.46 and a 12 month high of $46.76.

ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $630.90 million during the quarter, compared to the consensus estimate of $628.65 million. ITT had a return on equity of 14.17% and a net margin of 8.64%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.67 EPS. On average, equities research analysts anticipate that ITT will post $2.47 EPS for the current year.

COPYRIGHT VIOLATION WARNING: “ITT Inc. (ITT) Lifted to Buy at Zacks Investment Research” was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are viewing this report on another site, it was illegally stolen and republished in violation of US and international copyright & trademark laws. The legal version of this report can be viewed at https://ledgergazette.com/2017/10/15/itt-inc-itt-lifted-to-buy-at-zacks-investment-research.html.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a $0.128 dividend. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $0.51 annualized dividend and a yield of 1.11%. ITT’s dividend payout ratio is currently 21.70%.

In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in ITT. UBS Asset Management Americas Inc. raised its holdings in shares of ITT by 20.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 69,398 shares of the conglomerate’s stock valued at $2,847,000 after acquiring an additional 11,580 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of ITT in the 1st quarter valued at about $518,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ITT in the 1st quarter valued at about $214,000. Envestnet Asset Management Inc. raised its holdings in shares of ITT by 11.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 6,462 shares of the conglomerate’s stock valued at $264,000 after acquiring an additional 654 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of ITT by 38.2% in the 1st quarter. JPMorgan Chase & Co. now owns 410,347 shares of the conglomerate’s stock valued at $16,833,000 after acquiring an additional 113,386 shares in the last quarter. 92.58% of the stock is currently owned by hedge funds and other institutional investors.

About ITT

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.

Get a free copy of the Zacks research report on ITT (ITT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for ITT (NYSE:ITT)

Receive News & Ratings for ITT Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply