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ITT Invests in CRP, Boosts Foothold in Material Science
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ITT Inc. (ITT - Free Report) recently announced that it has invested in CRP Technology and CRP USA (jointly “CRP”). The financial terms of the investment were kept under wraps.
ITT’s shares were relatively stable yesterday and closed the trading session at $68.22.
Based in White Plains, NY, CRP is a leading provider of reinforced composite materials for 3D printing used across aerospace, automotive, defense and motorsports sectors. The company’s windform family of fiber-reinforced materials facilitates engineers in developing complex and customized designs for industrial 3d printing.
Inside the Headlines
ITT’s investment will enable it to own 33% of CRP USA and 46% of CRP Technology. As noted, this investment will enable ITT to acquire additive manufacturing technology capabilities and strengthen its position in the material science space. Both the companies will work together to develop and market innovative, lightweight and durable solutions to customers.
The transaction will also enable CRP to pursue its growth-oriented business plan in new markets and boost innovation in the additive manufacturing industry.
Zacks Rank, Price Performance and Estimate Revisions
ITT, with approximately $5.7 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is poised to gain from its diversified business operations, strength across its businesses and the auto market recovery in the quarters ahead. For 2022, it anticipates 9-11% organic sales growth on a year-over-year basis. However, rising costs and operating expenses and headwinds arising from its international operations might affect its performance.
The Zacks Consensus Estimate for its earnings is pegged at $4.41 for 2022 and $5.15 for 2023, down 1.6% and 1% from the respective 60-day-ago figures.
Image Source: Zacks Investment Research
The company’s shares have lost 14.4% compared with a 12.2% decline recorded by the industry in the past three months.
Stocks to Consider
Some better-ranked companies from the same space are discussed below:
In the past 60 days, Griffon’s earnings estimates have increased 80.5% for fiscal 2022 (ending September 2022). The stock has gained 34.2% in the past three months.
Carlisle Companies Incorporated (CSL - Free Report) presently sports a Zacks Rank of 1. The company delivered a four-quarter earnings surprise of 23%, on average.
In the past 60 days, Carlisle’s earnings estimates have increased 22.8% for 2022. CSL’s shares have lost 0.5% in the past three months.
3M Company (MMM - Free Report) presently carries a Zacks Rank #2 (Buy). MMM delivered a trailing four-quarter earnings surprise of 13.8%, on average.
Earnings estimates of MMM have increased 6.1% for 2022 in the past 60 days. Its shares have declined 7% in the past three months.
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ITT Invests in CRP, Boosts Foothold in Material Science
ITT Inc. (ITT - Free Report) recently announced that it has invested in CRP Technology and CRP USA (jointly “CRP”). The financial terms of the investment were kept under wraps.
ITT’s shares were relatively stable yesterday and closed the trading session at $68.22.
Based in White Plains, NY, CRP is a leading provider of reinforced composite materials for 3D printing used across aerospace, automotive, defense and motorsports sectors. The company’s windform family of fiber-reinforced materials facilitates engineers in developing complex and customized designs for industrial 3d printing.
Inside the Headlines
ITT’s investment will enable it to own 33% of CRP USA and 46% of CRP Technology. As noted, this investment will enable ITT to acquire additive manufacturing technology capabilities and strengthen its position in the material science space. Both the companies will work together to develop and market innovative, lightweight and durable solutions to customers.
The transaction will also enable CRP to pursue its growth-oriented business plan in new markets and boost innovation in the additive manufacturing industry.
Zacks Rank, Price Performance and Estimate Revisions
ITT, with approximately $5.7 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company is poised to gain from its diversified business operations, strength across its businesses and the auto market recovery in the quarters ahead. For 2022, it anticipates 9-11% organic sales growth on a year-over-year basis. However, rising costs and operating expenses and headwinds arising from its international operations might affect its performance.
The Zacks Consensus Estimate for its earnings is pegged at $4.41 for 2022 and $5.15 for 2023, down 1.6% and 1% from the respective 60-day-ago figures.
Image Source: Zacks Investment Research
The company’s shares have lost 14.4% compared with a 12.2% decline recorded by the industry in the past three months.
Stocks to Consider
Some better-ranked companies from the same space are discussed below:
Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1 (Strong Buy). GFF’s earnings surprise in the last four quarters was 97%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, Griffon’s earnings estimates have increased 80.5% for fiscal 2022 (ending September 2022). The stock has gained 34.2% in the past three months.
Carlisle Companies Incorporated (CSL - Free Report) presently sports a Zacks Rank of 1. The company delivered a four-quarter earnings surprise of 23%, on average.
In the past 60 days, Carlisle’s earnings estimates have increased 22.8% for 2022. CSL’s shares have lost 0.5% in the past three months.
3M Company (MMM - Free Report) presently carries a Zacks Rank #2 (Buy). MMM delivered a trailing four-quarter earnings surprise of 13.8%, on average.
Earnings estimates of MMM have increased 6.1% for 2022 in the past 60 days. Its shares have declined 7% in the past three months.