Oppenheimer Reiterates “Buy” Rating for ITT (NYSE:ITT)

ITT (NYSE:ITT)‘s stock had its “buy” rating reissued by Oppenheimer in a research note issued to investors on Friday, AnalystRatings.com reports. They currently have a $66.00 price objective on the conglomerate’s stock. Oppenheimer’s price target suggests a potential upside of 14.33% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. TheStreet upgraded shares of ITT from a “c+” rating to a “b-” rating in a research note on Tuesday, June 2nd. Robert W. Baird lifted their price target on ITT from $57.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Stifel Nicolaus cut their price target on ITT from $84.00 to $52.00 in a report on Sunday, April 19th. Finally, UBS Group lifted their price target on ITT from $64.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 8th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $67.13.

Shares of NYSE:ITT opened at $57.73 on Friday. ITT has a 52 week low of $35.41 and a 52 week high of $75.56. The company’s fifty day moving average is $57.54 and its 200-day moving average is $57.17. The company has a market capitalization of $4.98 billion, a PE ratio of 15.11, a P/E/G ratio of 3.23 and a beta of 1.60.

ITT (NYSE:ITT) last issued its earnings results on Friday, July 31st. The conglomerate reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.21. ITT had a net margin of 12.03% and a return on equity of 16.26%. The company had revenue of $514.70 million for the quarter, compared to the consensus estimate of $515.49 million. During the same quarter in the previous year, the company earned $0.93 EPS. The firm’s revenue for the quarter was down 28.5% compared to the same quarter last year. On average, equities research analysts predict that ITT will post 2.6 earnings per share for the current fiscal year.

In other ITT news, insider Farrokh Batliwala sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $65.00, for a total transaction of $162,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Orlando D. Ashford sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $63.09, for a total value of $252,360.00. Following the transaction, the director now directly owns 18,277 shares of the company’s stock, valued at approximately $1,153,095.93. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in ITT by 53.3% in the first quarter. JPMorgan Chase & Co. now owns 4,520,456 shares of the conglomerate’s stock valued at $205,048,000 after acquiring an additional 1,571,880 shares during the period. Macquarie Group Ltd. boosted its position in shares of ITT by 25.1% during the fourth quarter. Macquarie Group Ltd. now owns 2,850,402 shares of the conglomerate’s stock valued at $210,674,000 after buying an additional 572,459 shares during the last quarter. State Street Corp boosted its position in shares of ITT by 2.9% during the first quarter. State Street Corp now owns 2,161,391 shares of the conglomerate’s stock valued at $98,393,000 after buying an additional 61,753 shares during the last quarter. Paradice Investment Management LLC boosted its position in shares of ITT by 6.2% during the first quarter. Paradice Investment Management LLC now owns 1,544,405 shares of the conglomerate’s stock valued at $70,054,000 after buying an additional 89,694 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of ITT by 3.1% during the first quarter. Geode Capital Management LLC now owns 1,081,619 shares of the conglomerate’s stock valued at $49,061,000 after buying an additional 32,199 shares during the last quarter. Institutional investors own 90.95% of the company’s stock.

About ITT

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.

Further Reading: CD Ladder

Analyst Recommendations for ITT (NYSE:ITT)

Receive News & Ratings for ITT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT and related companies with MarketBeat.com's FREE daily email newsletter.