ITT (ITT) Rating Lowered to Hold at Zacks Investment Research

ITT (NYSE:ITT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. 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. Going forward, softness in aerospace and defense market, restrained client spending and higher commodity costs might restrict the company’s growth meaningfully.”

Other research analysts also recently issued research reports about the stock. ValuEngine upgraded shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Seaport Global Securities reiterated 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 report on Friday, November 3rd. Deutsche Bank upgraded shares of ITT from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.00 to $55.00 in a research report on Monday, October 9th. Finally, Robert W. Baird reiterated a “buy” rating and set a $51.00 target price on shares of ITT in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $52.13.

ITT (ITT) traded up $0.01 during trading on Tuesday, hitting $54.91. 269,101 shares of the company were exchanged, compared to its average volume of 566,771. ITT has a 52 week low of $36.93 and a 52 week high of $55.34. The firm has a market cap of $4,830.00, a P/E ratio of 24.08, a PEG ratio of 1.47 and a beta of 1.59.

ITT (NYSE:ITT) last released its earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The company had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. During the same quarter in the previous year, the company earned $0.58 EPS. ITT’s quarterly revenue was up 10.9% compared to the same quarter last year. analysts predict that ITT will post 2.53 EPS for the current year.

In other ITT news, VP Steven C. Giuliano sold 5,860 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $50.94, for a total transaction of $298,508.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas M. Scalera sold 5,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $50.98, for a total transaction of $254,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 171,960 shares of company stock worth $8,630,962. Corporate insiders own 1.20% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ITT. Schwab Charles Investment Management Inc. raised its holdings in ITT by 46.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 515,458 shares of the conglomerate’s stock worth $20,712,000 after buying an additional 164,056 shares during the last quarter. Legal & General Group Plc raised its holdings in ITT by 13.2% during the second quarter. Legal & General Group Plc now owns 90,391 shares of the conglomerate’s stock worth $3,632,000 after buying an additional 10,528 shares during the last quarter. Prudential Financial Inc. raised its holdings in ITT by 273.4% during the second quarter. Prudential Financial Inc. now owns 203,051 shares of the conglomerate’s stock worth $8,159,000 after buying an additional 148,668 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ITT by 10.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after buying an additional 314 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in ITT by 4.3% during the second quarter. Principal Financial Group Inc. now owns 375,711 shares of the conglomerate’s stock worth $15,096,000 after buying an additional 15,481 shares during the last quarter. Hedge funds and other institutional investors own 92.49% of the company’s stock.

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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.

Analyst Recommendations for ITT (NYSE:ITT)

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