Deutsche Bank AG upgraded shares of ITT Inc. (NYSE:ITT) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Marketbeat.com reports. Deutsche Bank AG currently has $55.00 price objective on the conglomerate’s stock, up from their prior price objective of $46.00.
ITT has been the subject of several other research reports. BidaskClub cut ITT from a buy rating to a hold rating in a research report on Tuesday, July 25th. Cowen and Company reissued a buy rating and set a $50.00 price objective on shares of ITT in a research report on Thursday, September 21st. Stifel Nicolaus reissued a buy rating and set a $49.00 price objective on shares of ITT in a research report on Wednesday, August 16th. Zacks Investment Research cut ITT from a buy rating to a hold rating in a research report on Wednesday, August 2nd. Finally, ValuEngine raised ITT from a hold rating to a buy rating in a research report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. ITT has an average rating of Buy and an average target price of $48.50.
ITT (NYSE:ITT) last posted its quarterly earnings data 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. ITT had a return on equity of 14.17% and a net margin of 8.64%. The business had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. During the same quarter in the previous year, the firm earned $0.67 EPS. The firm’s revenue was up .8% compared to the same quarter last year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be issued 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 1.12%. ITT’s dividend payout ratio (DPR) is 21.70%.
In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $42.90, for a total value of $214,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. acquired a new position in ITT in the 2nd quarter valued at approximately $105,000. Riverhead Capital Management LLC raised its holdings in ITT by 57.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock valued at $117,000 after acquiring an additional 1,059 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ITT by 10.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock valued at $132,000 after acquiring an additional 314 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in ITT in the 1st quarter valued at approximately $214,000. Finally, Stephens Inc. AR bought a new stake in shares of ITT in the 1st quarter valued at approximately $222,000. 92.58% of the stock is owned by hedge funds and other institutional investors.
ITT Company Profile
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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