ITT Inc. (ITT) Expected to Announce Quarterly Sales of $626.03 Million
Analysts expect ITT Inc. (NYSE:ITT) to report $626.03 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for ITT’s earnings, with the highest sales estimate coming in at $638.50 million and the lowest estimate coming in at $614.00 million. ITT reported sales of $626.20 million during the same quarter last year, which indicates a negative year-over-year growth rate of 0%. The business is expected to announce its next quarterly earnings results on Thursday, August 3rd.
According to Zacks, analysts expect that ITT will report full year sales of $626.03 million for the current year, with estimates ranging from $2.44 billion to $2.52 billion. For the next financial year, analysts expect that the business will report sales of $2.63 billion per share, with estimates ranging from $2.57 billion to $2.71 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for ITT.
ITT (NYSE:ITT) last posted its earnings results on Monday, May 8th. The conglomerate reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.04. The company had revenue of $625.80 million for the quarter, compared to analyst estimates of $607.08 million. ITT had a net margin of 8.04% and a return on equity of 14.65%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.59 earnings per share.
ITT has been the topic of several recent analyst reports. TheStreet upgraded shares of ITT from a “c+” rating to a “b” rating in a report on Monday, March 27th. Stifel Nicolaus lifted their price target on shares of ITT from $49.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, May 9th. Goldman Sachs Group, Inc. (The) cut shares of ITT from a “buy” rating to a “neutral” rating and cut their price target for the company from $46.00 to $43.00 in a report on Tuesday, June 6th. Finally, BidaskClub upgraded shares of ITT from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $46.67.
Several institutional investors have recently bought and sold shares of the company. Advantus Capital Management Inc raised its position in ITT by 3.0% in the first quarter. Advantus Capital Management Inc now owns 11,293 shares of the conglomerate’s stock valued at $463,000 after buying an additional 332 shares in the last quarter. AQR Capital Management LLC raised its position in ITT by 10.2% in the first quarter. AQR Capital Management LLC now owns 1,295,962 shares of the conglomerate’s stock valued at $53,160,000 after buying an additional 119,933 shares in the last quarter. Teachers Advisors LLC raised its position in ITT by 24.4% in the fourth quarter. Teachers Advisors LLC now owns 1,120,718 shares of the conglomerate’s stock valued at $43,226,000 after buying an additional 219,763 shares in the last quarter. Clinton Group Inc. bought a new position in ITT during the first quarter valued at about $307,000. Finally, Philadelphia Trust Co. raised its position in ITT by 763.1% in the fourth quarter. Philadelphia Trust Co. now owns 170,816 shares of the conglomerate’s stock valued at $6,588,000 after buying an additional 151,025 shares in the last quarter. 92.58% of the stock is owned by hedge funds and other institutional investors.
ITT (ITT) traded up 0.88% during midday trading on Friday, reaching $40.08. 161,922 shares of the company’s stock traded hands. ITT has a 1-year low of $30.06 and a 1-year high of $44.00. The stock’s 50 day moving average price is $39.29 and its 200 day moving average price is $40.48. The firm has a market cap of $3.56 billion, a price-to-earnings ratio of 18.47 and a beta of 1.35.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Monday, June 12th will be given a $0.128 dividend. This represents a $0.51 annualized dividend and a dividend yield of 1.29%. The ex-dividend date is Thursday, June 8th. ITT’s dividend payout ratio is presently 23.50%.
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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