Zacks Investment Research upgraded shares of ITT (NYSE:ITT) from a hold rating to a buy rating in a report released on Monday morning. Zacks Investment Research currently has $62.00 target price on the conglomerate’s stock.
According to Zacks, “Over the past six months, ITT’s shares have outperformed the industry. The company reported better-than-expected third-quarter 2018 results. ITT believes strength in its chemical and general industrial businesses, sturdier demand for connectors and growth in automotive friction orders will likely drive its revenues in the quarters ahead. Also, commercial excellence, increased productivity, lower tax expenses and stronger sales volumes are expected to boost its near-term profitability. The company also anticipates that new innovation investments will aid in improving its revenues and profitability going forward. Moreover, ITT remains on track to boost its shareholders’ value over time. Over the past 60 days, Zacks Consensus Estimate for the company’s earnings has been revised upward for both 2018 and 2019.”
ITT has been the subject of a number of other reports. Oppenheimer set a $68.00 price objective on ITT and gave the stock a buy rating in a research report on Tuesday, November 27th. ValuEngine lowered ITT from a buy rating to a hold rating in a research report on Tuesday, October 16th. Stifel Nicolaus raised their price objective on ITT from $59.00 to $68.00 and gave the stock a buy rating in a research report on Monday, August 6th. Gordon Haskett initiated coverage on ITT in a research report on Friday, October 12th. They set a buy rating for the company. Finally, Robert W. Baird restated a buy rating and set a $65.00 price objective on shares of ITT in a research report on Wednesday, November 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $66.25.
Shares of NYSE ITT opened at $52.05 on Monday. ITT has a one year low of $46.10 and a one year high of $63.04. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 1.36 and a beta of 1.73.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, November 2nd. The conglomerate reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.03. ITT had a return on equity of 16.10% and a net margin of 7.80%. The firm had revenue of $680.60 million during the quarter, compared to analyst estimates of $677.36 million. During the same period last year, the company posted $0.66 EPS. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts predict that ITT will post 3.15 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be paid a dividend of $0.134 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Thursday, December 6th. ITT’s dividend payout ratio (DPR) is presently 20.85%.
Several institutional investors and hedge funds have recently bought and sold shares of ITT. Meeder Asset Management Inc. purchased a new stake in shares of ITT during the 3rd quarter worth about $128,000. Bessemer Group Inc. raised its stake in shares of ITT by 593.9% during the 3rd quarter. Bessemer Group Inc. now owns 2,831 shares of the conglomerate’s stock worth $173,000 after purchasing an additional 2,423 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of ITT during the 3rd quarter worth about $176,000. Boston Private Wealth LLC purchased a new stake in shares of ITT during the 3rd quarter worth about $205,000. Finally, Ibex Investors LLC purchased a new stake in shares of ITT during the 3rd quarter worth about $205,000. 91.17% of the stock is owned by institutional investors.
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.
Featured Story: Technical Analysis
Get a free copy of the Zacks research report on ITT (ITT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com