According to Zacks, “Over the past three months, ITT's stock has outperformed the industry. In the first quarter of 2019, the company's adjusted earnings per share and revenues surpassed the Zacks Consensus Estimate by 8.3% and 2.7%, respectively. It 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. However, an increase in cost of sales mainly due to tariffs can hurt its margins. Also, unfavorable movements in foreign currencies might continue hurting sales growth.”
Other equities analysts also recently issued research reports about the stock. Oppenheimer set a $68.00 target price on shares of ITT and gave the company a buy rating in a research note on Wednesday, March 27th. UBS Group raised shares of ITT from a sell rating to a neutral rating and raised their target price for the company from $48.00 to $60.00 in a research note on Thursday, February 28th. Stifel Nicolaus raised their target price on shares of ITT from $66.00 to $69.00 and gave the company a buy rating in a research note on Tuesday, April 16th. Finally, ValuEngine raised shares of ITT from a hold rating to a buy rating in a research note on Saturday, May 4th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. ITT has a consensus rating of Buy and a consensus target price of $67.25.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, May 3rd. The conglomerate reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.07. ITT had a net margin of 11.04% and a return on equity of 16.69%. The business had revenue of $695.50 million during the quarter, compared to analyst estimates of $682.49 million. During the same period last year, the business posted $0.77 earnings per share. ITT’s quarterly revenue was up .9% compared to the same quarter last year. Analysts anticipate that ITT will post 3.6 earnings per share for the current fiscal year.
In other ITT news, CFO Thomas M. Scalera sold 64,135 shares of the firm’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 transaction of $3,948,791.95. Following the completion of the transaction, the chief financial officer now owns 73,701 shares of the company’s stock, valued at $4,537,770.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Farrokh Batliwala sold 8,950 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.38, for a total transaction of $549,351.00. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Landmark Bank increased its position in shares of ITT by 16.3% during the fourth quarter. Landmark Bank now owns 44,433 shares of the conglomerate’s stock valued at $2,145,000 after acquiring an additional 6,212 shares in the last quarter. Prudential Financial Inc. increased its position in shares of ITT by 35.0% during the fourth quarter. Prudential Financial Inc. now owns 376,174 shares of the conglomerate’s stock valued at $18,157,000 after acquiring an additional 97,527 shares in the last quarter. Arizona State Retirement System increased its position in shares of ITT by 1.1% during the fourth quarter. Arizona State Retirement System now owns 62,874 shares of the conglomerate’s stock valued at $3,035,000 after acquiring an additional 674 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of ITT by 36.3% during the fourth quarter. LS Investment Advisors LLC now owns 6,564 shares of the conglomerate’s stock valued at $317,000 after acquiring an additional 1,749 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of ITT by 365.1% during the first quarter. SG Americas Securities LLC now owns 48,123 shares of the conglomerate’s stock valued at $2,791,000 after acquiring an additional 37,776 shares in the last quarter. 91.70% 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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