ITT Inc. (ITT) Forecasted to Post FY2017 Earnings of $2.40 Per Share
ITT Inc. (NYSE:ITT) – Analysts at Oppenheimer Holdings lifted their FY2017 earnings estimates for shares of ITT in a research note issued on Monday. Oppenheimer Holdings analyst J. Giannakouros now forecasts that the conglomerate will post earnings per share of $2.40 for the year, up from their prior forecast of $2.35. Oppenheimer Holdings currently has a “Outperform” rating and a $50.00 target price on the stock.
A number of other research analysts have also recently issued reports on ITT. Barclays PLC reaffirmed a “buy” rating and set a $49.00 price objective on shares of ITT in a research note on Wednesday, January 18th. Stifel Nicolaus raised their price objective on ITT from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, February 15th. CIBC raised ITT from a “market perform” rating to an “outperform” rating in a research note on Thursday, February 16th. Finally, TheStreet cut ITT from a “b” rating to a “c+” rating in a research note on Tuesday, February 14th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $46.33.
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ITT (NYSE:ITT) traded down 2.33% during trading on Thursday, hitting $40.73. The stock had a trading volume of 36,994 shares. The stock has a market capitalization of $3.61 billion, a P/E ratio of 18.77 and a beta of 1.39. ITT has a 52 week low of $30.06 and a 52 week high of $44.00. The company has a 50-day moving average of $40.41 and a 200-day moving average of $40.13.
ITT (NYSE:ITT) last posted its quarterly earnings results on Monday, May 8th. The conglomerate reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.04. ITT had a return on equity of 15.41% and a net margin of 7.93%. The company had revenue of $625.80 million during the quarter, compared to analysts’ expectations of $607.08 million. During the same quarter in the previous year, the firm earned $0.59 EPS. ITT’s revenue was up 2.7% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Monday, June 12th will be paid a $0.128 dividend. This represents a $0.51 annualized dividend and a dividend yield of 1.23%. ITT’s payout ratio is presently 22.94%.
In related news, insider Aris C. Chicles sold 23,650 shares of the firm’s stock in a transaction dated Thursday, February 16th. The stock was sold at an average price of $43.31, for a total value of $1,024,281.50. Following the sale, the insider now directly owns 63,550 shares of the company’s stock, valued at $2,752,350.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Denise L. Ramos sold 50,000 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $41.35, for a total value of $2,067,500.00. Following the completion of the sale, the chief executive officer now directly owns 308,032 shares in the company, valued at $12,737,123.20. The disclosure for this sale can be found here. Insiders sold 176,739 shares of company stock worth $7,318,431 over the last three months. 1.60% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the conglomerate’s stock valued at $131,000 after buying an additional 120 shares during the last quarter. Tyers Asset Management LLC acquired a new stake in ITT during the fourth quarter valued at about $135,000. Advisor Group Inc. boosted its stake in ITT by 40.7% in the third quarter. Advisor Group Inc. now owns 3,852 shares of the conglomerate’s stock valued at $138,000 after buying an additional 1,114 shares during the last quarter. Elkfork Partners LLC acquired a new stake in ITT during the fourth quarter valued at about $185,000. Finally, Timber Hill LLC acquired a new stake in ITT during the first quarter valued at about $201,000. 91.15% of the stock is currently owned by institutional investors.
ITT Company Profile
ITT Corporation (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.
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