ITT (NYSE:ITT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage currently has a $61.00 price objective on the conglomerate’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 4.06% from the company’s previous close.
According to Zacks, “Over the past year, ITT's stock has outperformed the industry. The company expects that strength in the chemical, mining, commercial aerospace and defense businesses, and higher demand for connectors and growth in automotive friction orders will drive revenues in the quarters ahead. Also, operational execution, fall in functional corporate costs, increased productivity and stronger sales volume are expected to boost the company's near-term profitability. In addition, the company intends to become more competent on the back of innovation investments. However, an increase in cost of sales mainly due to tariffs can hurt its margins. Also, given the company's extensive geographic presence, its financial performance is subject to various risks like foreign currency exchange rate fluctuations, interest rates and hyperinflation in foreign countries.”
Other equities research analysts have also issued research reports about the company. Oppenheimer set a $68.00 target price on ITT and gave the company a “buy” rating in a research report on Sunday, February 24th. Stifel Nicolaus reiterated a “buy” rating and issued a $66.00 target price on shares of ITT in a research report on Friday, February 22nd. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Finally, UBS Group upgraded ITT from a “sell” rating to a “neutral” rating and upped their target price for the company from $48.00 to $60.00 in a research report on Thursday, February 28th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $66.25.
ITT (NYSE:ITT) last issued its earnings results on Friday, May 3rd. The conglomerate reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.07. The firm had revenue of $695.50 million for the quarter, compared to analyst estimates of $682.49 million. ITT had a return on equity of 16.69% and a net margin of 11.04%. ITT’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.77 earnings per share. As a group, equities analysts expect that ITT will post 3.6 EPS for the current year.
In other ITT news, insider Farrokh Batliwala sold 8,950 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $61.38, for a total value of $549,351.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas M. Scalera sold 64,135 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.57, for a total value of $3,948,791.95. Following the completion of the transaction, the chief financial officer now directly owns 73,701 shares of the company’s stock, valued at $4,537,770.57. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.
Large investors have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its stake in shares of ITT by 4,727.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,673,955 shares of the conglomerate’s stock worth $35,000 after buying an additional 1,639,276 shares during the period. Norges Bank acquired a new position in shares of ITT during the 4th quarter worth approximately $44,672,000. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of ITT during the 4th quarter worth approximately $22,924,000. FMR LLC raised its stake in shares of ITT by 7.5% during the 1st quarter. FMR LLC now owns 6,606,274 shares of the conglomerate’s stock worth $383,164,000 after buying an additional 458,175 shares during the period. Finally, Boston Partners raised its stake in shares of ITT by 18.0% during the 4th quarter. Boston Partners now owns 2,658,607 shares of the conglomerate’s stock worth $128,331,000 after buying an additional 405,815 shares during the period. 89.83% of the stock is owned by institutional investors.
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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