Zacks Investment Research cut shares of ITT Corp (NYSE:ITT) from a hold rating to a sell rating in a report published on Tuesday morning, Marketbeat reports.

According to Zacks, “ITT’s third-quarter 2015 earnings beat the Zacks Consensus Estimate but came below the year-ago tally. While improving operational performance and low corporate costs were the tailwinds, negative impact of foreign currency fluctuations remained the concern. Also, the company’s revenues dipped on a year-over-year basis, led by low revenues generation across all major segments and unfavorable foreign exchange impact. Also, sluggishness in industrial as well as Oil & Gas markets remains the headwinds. Moreover, based on unfavorable oil price movements, the company anticipates decline in revenues from oil and gas segments in 2015. Nevertheless, ITT’s diligent capital deployment initiatives and strategic acquisitions reflect lucrative commercial possibilities.”

In other ITT Corp news, Director Geraud Darnis purchased 10,000 shares of the stock in a transaction on Monday, November 2nd. The stock was bought at an average price of $38.83 per share, for a total transaction of $388,300.00. Following the acquisition, the director now directly owns 11,646 shares of the company’s stock, valued at $452,214.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

A number of hedge funds have bought and sold shares of ITT. Simplex Trading acquired a new stake in ITT Corp during the fourth quarter valued at approximately $0. CT Financial Advisors boosted its stake in ITT Corp by 14.7% in the fourth quarter. CT Financial Advisors now owns 781 shares of the company’s stock valued at $28,366 after buying an additional 100 shares during the period. MUFG Americas boosted its stake in ITT Corp by 3.1% in the third quarter. MUFG Americas now owns 1,032 shares of the company’s stock valued at $35,000 after buying an additional 31 shares during the period. Cubic Asset Management LLC boosted its stake in ITT Corp by 11.3% in the fourth quarter. Cubic Asset Management LLC now owns 8,832 shares of the company’s stock valued at $321,000 after buying an additional 900 shares during the period. Finally, Oakbrook Investments LLC boosted its stake in ITT Corp by 1.1% in the fourth quarter. Oakbrook Investments LLC now owns 9,500 shares of the company’s stock valued at $345,000 after buying an additional 100 shares during the period.

Shares of ITT Corp (NYSE:ITT) traded up 4.41% during mid-day trading on Tuesday, hitting $32.45. 890,152 shares of the stock traded hands. The company has a market cap of $2.90 billion and a P/E ratio of 8.49. ITT Corp has a one year low of $29.15 and a one year high of $43.96. The stock has a 50 day moving average price of $33.77 and a 200-day moving average price of $36.44.

ITT Corp (NYSE:ITT) last released its quarterly earnings results on Friday, October 30th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.04. During the same period last year, the firm earned $0.66 EPS. The firm had revenue of $602 million for the quarter, compared to analyst estimates of $608.56 million. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, analysts forecast that ITT Corp will post $2.52 earnings per share for the current fiscal year.

Several other research firms also recently issued reports on ITT. Vertical Research downgraded ITT Corp from a buy rating to a hold rating in a research note on Monday, January 11th. Avondale Partners started coverage on ITT Corp in a research note on Thursday, October 15th. They set a market perform rating and a $42.00 price target for the company. Seaport Global Securities cut their target price on shares of ITT Corp from $47.00 to $37.00 in a research note on Thursday, January 21st. Oppenheimer reissued a market perform rating on shares of ITT Corp in a research note on Monday, November 2nd. Finally, Cowen and Company reissued a buy rating and issued a $50.00 target price (down previously from $52.00) on shares of ITT Corp in a research note on Monday, November 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $44.75.

ITT Corporation (NYSE: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. Motion Technologies manufactures brake components, shock absorbers and damping technologies for the automotive, truck and trailer, public bus and rail transportation markets. Interconnect Solutions manufactures and designs a range of engineered connector solutions that makes it possible to transfer signal and power between electronic devices. Control Technologies manufactures equipment, including actuation, valves, and noise and energy absorption components for the aerospace and defense, and industrial markets.

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