Stock analysts at DA Davidson began coverage on shares of ITT (NYSE:ITT) in a research report issued to clients and investors on Wednesday. The brokerage set a “buy” rating on the conglomerate’s stock.
Other research analysts have also recently issued reports about the company. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 price objective (down from $63.00) on shares of ITT in a report on Tuesday, February 20th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Tuesday, January 2nd. Finally, Oppenheimer reiterated a “buy” rating and issued a $60.00 price objective on shares of ITT in a report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.88.
ITT stock traded up $0.65 on Wednesday, reaching $52.43. The company had a trading volume of 330,792 shares, compared to its average volume of 654,114. ITT has a 12-month low of $36.93 and a 12-month high of $57.62. The firm has a market capitalization of $4,530.83, a PE ratio of 40.96, a PEG ratio of 1.34 and a beta of 1.59.
ITT (NYSE:ITT) last released its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. ITT had a return on equity of 14.65% and a net margin of 4.39%. The firm had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. During the same period in the prior year, the firm posted $0.48 earnings per share. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. equities research analysts expect that ITT will post 3.08 EPS for the current year.
ITT announced that its Board of Directors has initiated a share repurchase plan on Friday, February 16th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the conglomerate to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other ITT news, CFO Thomas M. Scalera sold 9,215 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total value of $458,630.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Creative Planning purchased a new stake in ITT in the fourth quarter valued at approximately $205,000. Alps Advisors Inc. purchased a new stake in ITT in the fourth quarter valued at approximately $209,000. AXA purchased a new stake in ITT in the fourth quarter valued at approximately $219,000. Burney Co. purchased a new stake in ITT in the fourth quarter valued at approximately $222,000. Finally, Portland Global Advisors LLC purchased a new stake in ITT in the fourth quarter valued at approximately $232,000. 94.20% of the stock is currently owned by institutional investors.
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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