Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a research note released on Monday. The brokerage currently has $62.00 price target on the conglomerate’s stock.
According to Zacks, “Over the past six months, ITT’s shares have outperformed the industry. The company reported better-than-expected third-quarter 2018 results. 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. Over the past 60 days, Zacks Consensus Estimate for the company’s earnings has been revised upward for both 2018 and 2019.”
A number of other analysts also recently weighed in on ITT. Stifel Nicolaus increased their price target on shares of ITT from $59.00 to $68.00 and gave the company a buy rating in a research report on Monday, August 6th. Seaport Global Securities reiterated a buy rating and issued a $69.00 price target on shares of ITT in a research report on Tuesday, August 7th. Oppenheimer set a $68.00 price target on shares of ITT and gave the company a buy rating in a research report on Tuesday, November 27th. UBS Group increased their price target on shares of ITT from $57.00 to $60.00 and gave the company a sell rating in a research report on Thursday, August 30th. Finally, DA Davidson set a $70.00 price target on shares of ITT and gave the company a buy rating in a research report on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $66.25.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, November 2nd. The conglomerate reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03. The business had revenue of $680.60 million for the quarter, compared to the consensus estimate of $677.36 million. ITT had a net margin of 7.80% and a return on equity of 16.10%. ITT’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period last year, the company posted $0.66 EPS. Research analysts predict that ITT will post 3.15 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid a dividend of $0.134 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.54 dividend on an annualized basis and a yield of 0.95%. ITT’s payout ratio is 20.85%.
A number of hedge funds and other institutional investors have recently bought and sold shares of ITT. BNP Paribas Arbitrage SA increased its stake in ITT by 92.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,901 shares of the conglomerate’s stock worth $465,000 after purchasing an additional 4,281 shares in the last quarter. Aperio Group LLC increased its stake in ITT by 14.6% during the 2nd quarter. Aperio Group LLC now owns 17,178 shares of the conglomerate’s stock worth $898,000 after purchasing an additional 2,188 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in ITT during the 2nd quarter worth approximately $211,000. Victory Capital Management Inc. increased its stake in ITT by 4.5% during the 2nd quarter. Victory Capital Management Inc. now owns 967,871 shares of the conglomerate’s stock worth $50,591,000 after purchasing an additional 41,320 shares in the last quarter. Finally, Landmark Bank bought a new stake in ITT during the 2nd quarter worth approximately $2,026,000. 91.17% of the stock is owned by institutional investors and hedge funds.
ITT Company Profile
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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