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Company Description
ITT Educational Services provide career-focused degree programs, with an emphasis on technology. The company has over 100 locations across the United States and currently have approximately 55,000 students enrolled in classes. Each location is nationally accredited by the U.S. Department of Education. ITT carries a market cap of $3.5 billion.
Solid Earnings
Current-quarter estimates for ITT Education's earnings are $1.14 per share, or a 16.6% year-over-year increase. Estimates for full-year 2008 are projecting an increase of 27.8%, $4.74 up from $3.71 last year. The estimates initially popped following the company's July earnings announcement, but have been sustained and the estimate for 2009 even gained penny.
ITT Gaining Ground Despite Opposing Factors
Using convention wisdom many turn to educational stock in tough times as laid-off workers bolster their resume while jobs are scarce. However, the credit crunch has hit student lending, resulting in more and more potential students left without the funds to enroll.
Fortunately, ITT Education has managed to post solid gains over the past month. In August, many educators have seen shares slip, and the market, but the company and its earnings remain solid.
Favorable Analyst Coverage
On August 20th ITT was upgraded by Banc of America, to a 'Buy' from a 'Neutral'. The BofA analyst indicated that transparency into the company's student lending will spark bullish movement in the stock.
UBS added ESI to is coverage list on September 4th.
The Chart
Shares of ESI have developed and excellent level of support at $83 per share since the last earnings announcement. The stock also continues to pressure resistance near $94. Take a look at the chart below.
Read the August 1st analysis.
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