ITT (NYSE:ITT) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a research report released on Tuesday, September 18th. Zacks Investment Research currently has $65.00 target price on the conglomerate’s stock.
According to Zacks, “Over the past three months, ITT’s shares have outperformed the industry. Going forward, the company’s three-pronged strategy is expected to drive growth through optimizing execution, effective capital deployment as well as growth and innovation. ITT has been enjoying broad-based strength in end markets like chemical, petrochemical, rotorcraft, aerospace and electric vehicles. The company is also improving its operational efficacy on the back of meaningful restructuring moves. Even so, ongoing Lean transformation program is also expected to boost up ITT’s margins in the quarters ahead. Over the last 60 days, Zacks Consensus Estimate for the stock has been revised upwards for both 2018 and 2019.”
ITT has been the subject of a number of other research reports. UBS Group lifted their price target on shares of ITT from $57.00 to $60.00 and gave the stock a sell rating in a research note on Thursday, August 30th. ValuEngine upgraded shares of ITT from a hold rating to a buy rating in a research note on Thursday, July 19th. Stifel Nicolaus boosted their price objective on shares of ITT from $59.00 to $68.00 and gave the stock a buy rating in a research report on Monday, August 6th. Seaport Global Securities restated a buy rating and set a $69.00 price objective on shares of ITT in a research report on Tuesday, August 7th. Finally, KeyCorp boosted their price objective on shares of ITT from $65.00 to $68.00 and gave the stock an overweight rating in a research report on Monday, August 6th. One 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 stock. The company presently has an average rating of Buy and an average price target of $66.13.
ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, August 3rd. The conglomerate reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. ITT had a net margin of 7.02% and a return on equity of 15.40%. The business had revenue of $696.80 million during the quarter, compared to analysts’ expectations of $685.80 million. During the same period last year, the business earned $0.55 earnings per share. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. Research analysts anticipate that ITT will post 3.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were paid a dividend of $0.134 per share. The ex-dividend date was Friday, September 7th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.01%. ITT’s dividend payout ratio (DPR) is presently 20.85%.
Large investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of ITT by 1.3% in the 2nd quarter. BlackRock Inc. now owns 7,747,776 shares of the conglomerate’s stock worth $404,973,000 after buying an additional 100,364 shares in the last quarter. FMR LLC boosted its position in shares of ITT by 17.4% in the 2nd quarter. FMR LLC now owns 6,671,943 shares of the conglomerate’s stock worth $348,743,000 after buying an additional 987,111 shares in the last quarter. LSV Asset Management boosted its position in shares of ITT by 0.6% in the 2nd quarter. LSV Asset Management now owns 1,848,370 shares of the conglomerate’s stock worth $96,614,000 after buying an additional 10,200 shares in the last quarter. Paradice Investment Management LLC boosted its position in shares of ITT by 5.7% in the 2nd quarter. Paradice Investment Management LLC now owns 1,761,034 shares of the conglomerate’s stock worth $92,049,000 after buying an additional 95,191 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of ITT by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,625,729 shares of the conglomerate’s stock worth $84,977,000 after buying an additional 55,555 shares in the last quarter. 90.67% of the stock is currently 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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