ITT Inc. (NYSE:ITT) Downgraded by Zacks Investment Research to Hold

ITT Inc. (NYSE:ITT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, July 27th.

According to Zacks, “ITT Inc. has a robust earnings surprise history, having beaten estimates thrice in the trailing four quarters. Also, the company’s current year estimates have moved north over the past couple of months. The company’s bottom line is expected to benefit from improved operating efficiency and successful cost containment actions. Further, ITT Inc.’s shares have outperformed the industry average over year to date. ITT Inc. has achieved operational excellence through its Lean Six Sigma program. However, on the negative side, 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. Also, sluggish aerospace and defense business might add to the company’s woes. Uncertainty about the new U.S. Administration’s policies also poses a huge risk to the company’s operations.”

Several other research analysts also recently issued reports on the company. BidaskClub downgraded ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine raised ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) cut ITT from a “buy” rating to a “neutral” rating and reduced their target price for the company from $46.00 to $43.00 in a report on Tuesday, June 6th. Finally, Stifel Nicolaus upped their target price on ITT from $49.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $46.29.

Shares of ITT (ITT) opened at 40.37 on Thursday. ITT has a 12 month low of $32.46 and a 12 month high of $44.00. The firm has a market cap of $3.55 billion, a PE ratio of 17.29 and a beta of 1.47. The company’s 50 day moving average is $40.96 and its 200-day moving average is $40.52.

ITT (NYSE:ITT) last released its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $630.90 million during the quarter, compared to the consensus estimate of $628.65 million. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. Equities research analysts predict that ITT will post $2.46 EPS for the current year.

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Several institutional investors have recently bought and sold shares of ITT. Norges Bank acquired a new position in ITT during the fourth quarter worth about $33,634,000. Quadrature Capital Ltd acquired a new position in ITT during the fourth quarter worth about $382,000. Teachers Advisors LLC boosted its position in ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock worth $43,226,000 after buying an additional 219,763 shares during the last quarter. Highbridge Capital Management LLC boosted its position in ITT by 435.5% in the fourth quarter. Highbridge Capital Management LLC now owns 362,821 shares of the conglomerate’s stock worth $13,995,000 after buying an additional 295,066 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in ITT by 0.6% in the fourth quarter. Macquarie Group Ltd. now owns 1,915,709 shares of the conglomerate’s stock worth $73,889,000 after buying an additional 10,774 shares during the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

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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