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ITT (ITT) Stock Jumps 3.0%: Will It Continue to Soar?
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ITT Inc. (ITT - Free Report) shares soared 3% in the last trading session to close at $196.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.2% loss over the past four weeks.
ITT’s rally is primarily driven by optimism over solid momentum in the Flow Technologies segment, driven by strength in the short-cycle business arising from increase in demand for all product categories. Growth in component and connector sales within the aerospace and defense markets is supporting the Connect and Control Technologies segment.
This supplier of parts and services to a wide variety of industries is expected to post quarterly earnings of $1.93 per share in its upcoming report, which represents a year-over-year change of +17.7%. Revenues are expected to be $1.39 billion, up 43.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For ITT, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ITT going forward to see if this recent jump can turn into more strength down the road.
ITT is part of the Zacks Diversified Operations industry. CompoSecure, Inc. (GPGI - Free Report) , another stock in the same industry, closed the last trading session 2.1% higher at $14.42. GPGI has returned 17.6% in the past month.
GPGI INC's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.14. Compared to the company's year-ago EPS, this represents a change of -44%. GPGI INC currently boasts a Zacks Rank of #1 (Strong Buy).
View the Zacks #1 Rank List
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ITT (ITT) Stock Jumps 3.0%: Will It Continue to Soar?
ITT Inc. (ITT - Free Report) shares soared 3% in the last trading session to close at $196.81. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1.2% loss over the past four weeks.
ITT’s rally is primarily driven by optimism over solid momentum in the Flow Technologies segment, driven by strength in the short-cycle business arising from increase in demand for all product categories. Growth in component and connector sales within the aerospace and defense markets is supporting the Connect and Control Technologies segment.
This supplier of parts and services to a wide variety of industries is expected to post quarterly earnings of $1.93 per share in its upcoming report, which represents a year-over-year change of +17.7%. Revenues are expected to be $1.39 billion, up 43.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For ITT, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ITT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ITT is part of the Zacks Diversified Operations industry. CompoSecure, Inc. (GPGI - Free Report) , another stock in the same industry, closed the last trading session 2.1% higher at $14.42. GPGI has returned 17.6% in the past month.
GPGI INC's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.14. Compared to the company's year-ago EPS, this represents a change of -44%. GPGI INC currently boasts a Zacks Rank of #1 (Strong Buy).