ITT (ITT) Cut to Hold at Zacks Investment Research

ITT (NYSE:ITT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, January 3rd.

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, 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.”

A number of other equities research analysts have also weighed in on ITT. Cowen reiterated a “buy” rating and set a $50.00 target price on shares of ITT in a research note on Thursday, September 21st. Robert W. Baird reiterated a “buy” rating and set a $51.00 target price on shares of ITT in a research note on Wednesday, October 4th. Deutsche Bank upgraded shares of ITT from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $55.00 in a research note on Monday, October 9th. KeyCorp reiterated a “buy” rating on shares of ITT in a research note on Friday, November 3rd. Finally, Seaport Global Securities reiterated a “buy” rating on shares of ITT in a research note on Monday, November 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $52.13.

ITT (NYSE ITT) traded up $0.73 during mid-day trading on Wednesday, hitting $54.90. 266,300 shares of the stock traded hands, compared to its average volume of 616,013. ITT has a 1 year low of $36.93 and a 1 year high of $55.34. The stock has a market capitalization of $4,770.00, a price-to-earnings ratio of 24.08, a price-to-earnings-growth ratio of 1.45 and a beta of 1.59.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The company had revenue of $645.00 million during the quarter, compared to analyst estimates of $605.06 million. During the same period in the previous year, the business earned $0.58 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. equities research analysts anticipate that ITT will post 2.53 earnings per share for the current year.

In related news, VP Steven C. Giuliano sold 5,860 shares of the company’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 filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas M. Scalera sold 5,000 shares of the company’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. In the last three months, insiders have sold 171,960 shares of company stock valued at $8,630,962. Insiders own 1.20% of the company’s stock.

A number of institutional investors have recently modified their holdings of ITT. Janus Henderson Group PLC purchased a new stake in ITT in the 2nd quarter worth $122,628,000. LSV Asset Management lifted its stake in ITT by 57.1% in the 2nd quarter. LSV Asset Management now owns 1,614,577 shares of the conglomerate’s stock worth $64,873,000 after purchasing an additional 587,000 shares in the last quarter. Macquarie Group Ltd. lifted its stake in ITT by 18.5% in the 3rd 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. Wells Fargo & Company MN lifted its stake in ITT by 95.3% in the 3rd quarter. Wells Fargo & Company MN now owns 823,781 shares of the conglomerate’s stock worth $36,468,000 after purchasing an additional 401,902 shares in the last quarter. Finally, Numeric Investors LLC lifted its stake in ITT by 2,005.2% in the 2nd quarter. Numeric Investors LLC now owns 362,100 shares of the conglomerate’s stock worth $14,549,000 after purchasing an additional 344,900 shares in the last quarter. 92.49% of the stock is owned by institutional investors.

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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.

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