Zacks: Analysts Expect ITT Inc. (ITT) Will Post Quarterly Sales of $606.91 Million
Wall Street analysts forecast that ITT Inc. (NYSE:ITT) will report sales of $606.91 million for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for ITT’s earnings. The lowest sales estimate is $599.00 million and the highest is $626.25 million. ITT posted sales of $581.70 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.3%. The firm is scheduled to announce its next earnings results on Friday, November 3rd.
According to Zacks, analysts expect that ITT will report full-year sales of $606.91 million for the current fiscal year, with estimates ranging from $2.46 billion to $2.49 billion. For the next financial year, analysts expect that the company will report sales of $2.62 billion per share, with estimates ranging from $2.57 billion to $2.68 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow ITT.
ITT (NYSE:ITT) last released its quarterly earnings data on Friday, August 4th. The conglomerate reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. ITT had a net margin of 8.64% and a return on equity of 14.17%. The business had revenue of $630.90 million during the quarter, compared to analyst estimates of $628.65 million. During the same period last year, the business earned $0.67 EPS. ITT’s revenue was up .8% compared to the same quarter last year.
ITT has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on shares of ITT from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, May 9th. BidaskClub lowered shares of ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research lowered shares of ITT from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Goldman Sachs Group, Inc. (The) lowered shares of ITT from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $46.00 to $43.00 in a research report on Tuesday, June 6th. Finally, ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $46.29.
Shares of ITT (ITT) opened at 40.36 on Friday. ITT has a 52 week low of $32.46 and a 52 week high of $44.00. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of 17.28 and a beta of 1.47. The stock has a 50 day moving average of $40.64 and a 200-day moving average of $40.42.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be given a $0.128 dividend. This represents a $0.51 annualized dividend and a dividend yield of 1.27%. The ex-dividend date is Friday, September 8th. ITT’s payout ratio is currently 21.70%.
Institutional investors have recently modified their holdings of the company. Advantus Capital Management Inc increased its position in shares of 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 during the period. AQR Capital Management LLC increased its position in shares of 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 during the period. Renaissance Technologies LLC acquired a new position in shares of ITT during the first quarter valued at $10,386,000. Comerica Bank increased its position in shares of ITT by 46.0% in the second quarter. Comerica Bank now owns 237,330 shares of the conglomerate’s stock valued at $9,897,000 after buying an additional 74,782 shares during the period. Finally, Clinton Group Inc. acquired a new position in shares of ITT during the first quarter valued at $307,000. Institutional investors own 93.06% of the company’s stock.
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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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