ITT Inc. Plans Quarterly Dividend of $0.13 (ITT)
ITT Inc. (NYSE:ITT) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Investors of record on Friday, December 8th will be paid a dividend of 0.128 per share by the conglomerate on Friday, December 29th. This represents a $0.51 dividend on an annualized basis and a yield of 1.12%.
ITT has increased its dividend payment by an average of 7.4% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. ITT has a payout ratio of 20.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect ITT to earn $2.84 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 18.0%.
Shares of ITT (ITT) traded up 0.42% during trading on Wednesday, reaching $45.69. 755,529 shares of the company were exchanged. The stock has a market capitalization of $4.02 billion, a P/E ratio of 19.57 and a beta of 1.48. The firm has a 50-day moving average price of $42.25 and a 200-day moving average price of $40.76. ITT has a 1-year low of $32.46 and a 1-year high of $46.76.
ITT (NYSE:ITT) last issued its quarterly earnings results on Friday, August 4th. The conglomerate reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. ITT had a net margin of 8.64% and a return on equity of 14.17%. The company had revenue of $630.90 million during the quarter, compared to analysts’ expectations of $628.65 million. During the same quarter last year, the company posted $0.67 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Equities research analysts predict that ITT will post $2.47 earnings per share for the current fiscal year.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total value of $214,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.20% of the stock is currently owned by company insiders.
Several brokerages have commented on ITT. Cowen and Company reissued a “buy” rating and issued a $50.00 price target on shares of ITT in a research report on Thursday, September 21st. BidaskClub cut shares of ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Zacks Investment Research cut shares of ITT from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Robert W. Baird reissued a “buy” rating and issued a $51.00 price target on shares of ITT in a research report on Wednesday, October 4th. Finally, Deutsche Bank AG raised shares of ITT from a “hold” rating to a “buy” rating and raised their price target for the company from $46.00 to $55.00 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. ITT currently has a consensus rating of “Buy” and an average price target of $48.00.
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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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