Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $63.00 price target on the conglomerate’s stock.
According to Zacks, “Over the past month, ITT’s shares have outperformed the industry. The company reported better-than-expected third-quarter 2018 results. Quarterly adjusted earnings of 82 cents per share outpaced the Zacks Consensus Estimate by 3.8%. On the other hand, revenues in the reported quarter surpassed the same by 1.4%. ITT believes strength in its chemical and general industrial businesses, sturdier demand for connectors and growth in automotive friction orders will likely drive its revenues in the quarters ahead. Also, commercial excellence, increased productivity, lower tax expenses and stronger sales volumes are expected to boost its near-term profitability. The company also anticipates that new innovation investments will aid in improving its revenues and profitability going forward. Moreover, ITT remains on track to boost its shareholders’ value over time.”
ITT has been the subject of several other research reports. ValuEngine lowered ITT from a buy rating to a hold rating in a research report on Tuesday, October 16th. Oppenheimer reissued a buy rating and set a $67.00 price objective (up previously from $60.00) on shares of ITT in a research report on Friday, August 3rd. DA Davidson set a $70.00 price objective on ITT and gave the company a buy rating in a research report on Monday, August 6th. KeyCorp raised their price objective on ITT from $65.00 to $68.00 and gave the company an overweight rating in a research report on Monday, August 6th. Finally, Seaport Global Securities reissued a buy rating and set a $69.00 price objective on shares of ITT in a research report on Tuesday, August 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $66.38.
ITT stock traded up $0.24 on Tuesday, reaching $56.18. The company’s stock had a trading volume of 593,022 shares, compared to its average volume of 948,975. ITT has a 12-month low of $46.10 and a 12-month high of $63.04. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 1.42 and a beta of 1.71.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, November 2nd. The conglomerate reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.03. The company had revenue of $680.60 million during the quarter, compared to analyst estimates of $677.36 million. ITT had a return on equity of 16.10% and a net margin of 7.80%. The firm’s revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. As a group, research analysts predict that ITT will post 3.15 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a dividend of $0.134 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.54 annualized dividend and a dividend yield of 0.95%. ITT’s payout ratio is presently 20.85%.
Several large investors have recently modified their holdings of ITT. Meeder Asset Management Inc. bought a new position in shares of ITT during the third quarter valued at $128,000. Bessemer Group Inc. increased its holdings in shares of ITT by 593.9% during the third quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock valued at $173,000 after acquiring an additional 2,423 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of ITT during the third quarter valued at $176,000. Boston Private Wealth LLC bought a new position in shares of ITT during the third quarter valued at $205,000. Finally, Ibex Investors LLC bought a new position in shares of ITT during the third quarter valued at $205,000. Hedge funds and other institutional investors own 88.64% of the company’s stock.
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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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