$627.27 Million in Sales Expected for ITT Inc. (ITT) This Quarter
Analysts predict that ITT Inc. (NYSE:ITT) will post sales of $627.27 million for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for ITT’s earnings. The highest sales estimate is $641.10 million and the lowest is $614.00 million. ITT reported sales of $626.20 million in the same quarter last year, which would suggest a positive year over year growth rate of 0.2%. The firm is expected to issue its next earnings report before the market opens on Friday, August 4th.
On average, analysts expect that ITT will report full-year sales of $627.27 million for the current financial year, with estimates ranging from $2.44 billion to $2.52 billion. For the next year, analysts expect that the firm will report sales of $2.64 billion per share, with estimates ranging from $2.57 billion to $2.72 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover ITT.
ITT (NYSE:ITT) last announced 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 during 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%. ITT’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.59 earnings per share.
A number of research firms have recently commented on ITT. BidaskClub downgraded shares of ITT from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Tuesday, July 18th. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) downgraded shares of ITT from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $46.00 to $43.00 in a research note on Tuesday, June 6th. Finally, Stifel Nicolaus upped their price objective on shares of ITT from $49.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. ITT currently has an average rating of “Buy” and an average target price of $46.57.
Hedge funds have recently modified their holdings of the company. World Asset Management Inc boosted its stake in shares of ITT by 0.3% in the first quarter. World Asset Management Inc now owns 5,487 shares of the conglomerate’s stock worth $225,000 after buying an additional 19 shares during the last quarter. United Capital Financial Advisers LLC boosted its stake in shares of ITT by 0.6% in the first quarter. United Capital Financial Advisers LLC now owns 6,600 shares of the conglomerate’s stock worth $271,000 after buying an additional 42 shares during the last quarter. Baker Ellis Asset Management LLC boosted its stake in shares of ITT by 0.5% in the first quarter. Baker Ellis Asset Management LLC now owns 25,349 shares of the conglomerate’s stock worth $1,040,000 after buying an additional 125 shares during the last quarter. Albert D Mason Inc. boosted its stake in shares of ITT by 0.7% in the first quarter. Albert D Mason Inc. now owns 30,329 shares of the conglomerate’s stock worth $1,244,000 after buying an additional 200 shares during the last quarter. Finally, 1st Global Advisors Inc. boosted its stake in shares of ITT by 3.1% in the first quarter. 1st Global Advisors Inc. now owns 6,830 shares of the conglomerate’s stock worth $280,000 after buying an additional 206 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.
Shares of ITT (ITT) traded down 1.28% on Wednesday, reaching $41.62. 10,329 shares of the company’s stock traded hands. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 19.18 and a beta of 1.47. The stock’s 50-day moving average price is $40.15 and its 200-day moving average price is $40.60. ITT has a 52 week low of $31.08 and a 52 week high of $44.00.
The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Monday, June 12th were issued a dividend of $0.128 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend was Thursday, June 8th. ITT’s payout ratio is currently 23.50%.
TRADEMARK VIOLATION NOTICE: This news story was originally posted by American Banking News and is owned by of American Banking News. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international trademark & copyright laws. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/07/26/627-27-million-in-sales-expected-for-itt-inc-itt-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ITT Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT Inc. and related companies with MarketBeat.com's FREE daily email newsletter.