ITT (NYSE:ITT) Raised to “Buy” at Zacks Investment Research

ITT (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, January 8th. The firm presently has a $61.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.21% from the company’s previous close.

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 for 2017, on the back of order growth and operational momentum. Consequently, ITT’s shares have surpassed the industry average over the past year. ITT Inc. has achieved operational excellence through its Lean Six Sigma program, restructuring initiatives and global sourcing efforts. 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. Also, sluggish aerospace and defense business might add to the company’s woes.”

Several other research analysts also recently commented on the stock. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Seaport Global Securities reaffirmed a “buy” rating on shares of ITT in a research report on Monday, November 6th. KeyCorp reiterated a “buy” rating on shares of ITT in a research note on Friday, November 3rd. Robert W. Baird reiterated an “outperform” rating and set a $60.00 price objective (up from $51.00) on shares of ITT in a research note on Thursday, November 2nd. Finally, Deutsche Bank upgraded shares of ITT from a “hold” rating to a “buy” rating and raised their target price for the company from $46.00 to $55.00 in a research note on Monday, October 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $53.88.

Shares of ITT (ITT) traded down $0.55 on Monday, reaching $54.36. 324,900 shares of the company’s stock were exchanged, compared to its average volume of 552,210. The stock has a market cap of $4,780.00, a price-to-earnings ratio of 23.84, a PEG ratio of 1.47 and a beta of 1.59. ITT has a 1-year low of $36.93 and a 1-year high of $55.49.

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

In other news, CFO Thomas M. Scalera sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $50.98, for a total value of $254,900.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Steven C. Giuliano sold 5,860 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $50.94, for a total transaction of $298,508.40. The disclosure for this sale can be found here. Insiders have sold 171,960 shares of company stock valued at $8,630,962 in the last three months. Corporate insiders own 1.20% of the company’s stock.

Several large investors have recently made changes to their positions in ITT. Riverhead Capital Management LLC increased its position in shares of 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 purchasing an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of 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 purchasing an additional 314 shares during the last quarter. Stevens First Principles Investment Advisors purchased a new stake in shares of ITT in the 3rd quarter valued at approximately $137,000. Huntington National Bank acquired a new position in shares of ITT in the 3rd quarter valued at $191,000. Finally, Creative Planning acquired a new position in shares of ITT in the 4th quarter valued at $205,000. 92.45% of the stock is currently owned by institutional investors.

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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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