ITT Corp. (ITT) Lowered to Sell at Zacks Investment Research
According to Zacks, “ITT Corp.’s operations as well as profitability have been suffering in recent times, due to factors like lower operating income, tepid sales and higher effective tax rate. Going forward, softness in industrial as well as oil & gas markets remains a major headwind that. On account of these headwinds, ITT Corp. expects revenues in the oil and gas segment to plummet 46% on a year-over-year basis in the second half.In addition, pricing pressure on large projects and lower petrochemical and mining project activity will likely aggravate the fall in industrial business. However, ITT Corp.’s comprehensive three-pronged growth strategy involving optimizing execution, effective capital deployment and market expansion are expected to mitigate these weaknesses to some extent.”
Several other equities research analysts have also recently commented on ITT. Seaport Global Securities upgraded ITT Corp. from an accumulate rating to a buy rating and upped their price target for the stock from $37.00 to $41.00 in a research note on Friday, June 10th. KeyCorp restated a sector weight rating on shares of ITT Corp. in a research note on Wednesday, June 29th. Barclays PLC cut their price target on ITT Corp. from $38.00 to $37.00 and set an equal weight rating for the company in a research note on Monday, July 18th. Finally, Oppenheimer Holdings Inc. restated a market perform rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $41.43.
Shares of ITT Corp. (NYSE:ITT) traded up 2.46% during midday trading on Tuesday, reaching $36.19. 119,904 shares of the company’s stock traded hands. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52. The stock’s 50 day moving average is $35.55 and its 200-day moving average is $35.14. The company has a market capitalization of $3.24 billion, a PE ratio of 13.76 and a beta of 1.28.
ITT Corp. (NYSE:ITT) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.07. The business earned $626.20 million during the quarter, compared to the consensus estimate of $620.12 million. ITT Corp. had a return on equity of 16.02% and a net margin of 9.49%. The company’s revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 earnings per share. On average, analysts forecast that ITT Corp. will post $2.40 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a $0.124 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Wednesday, September 7th. ITT Corp.’s dividend payout ratio is currently 19.01%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its position in shares of ITT Corp. by 7.5% in the first quarter. Aperio Group LLC now owns 17,929 shares of the company’s stock worth $661,000 after buying an additional 1,258 shares in the last quarter. Nisa Investment Advisors L.L.C. boosted its position in shares of ITT Corp. by 8.4% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,824 shares of the company’s stock worth $805,000 after buying an additional 1,700 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of ITT Corp. by 2.8% in the first quarter. TIAA CREF Investment Management LLC now owns 305,058 shares of the company’s stock worth $11,254,000 after buying an additional 8,279 shares in the last quarter. Teachers Advisors Inc. boosted its position in shares of ITT Corp. by 6.4% in the first quarter. Teachers Advisors Inc. now owns 920,889 shares of the company’s stock worth $33,972,000 after buying an additional 55,366 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of ITT Corp. by 17.5% in the first quarter. BlackRock Inc. now owns 49,120 shares of the company’s stock worth $1,813,000 after buying an additional 7,298 shares in the last quarter. Institutional investors and hedge funds own 89.37% of the company’s stock.
About ITT Corp.
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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