ITT Inc. (ITT) Issues Quarterly Earnings Results
ITT Inc. (NYSE:ITT) posted its quarterly earnings results on Thursday. The conglomerate reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05, Bloomberg Earnings reports. The business had revenue of $645.00 million during the quarter, compared to the consensus estimate of $605.06 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 earnings per share. ITT updated its FY17 guidance to $2.50-2.55 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be given a $0.128 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Thursday, December 7th. ITT’s payout ratio is 21.70%.
In other news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total value of $214,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is currently owned by company insiders.
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Several analysts have weighed in on ITT shares. BidaskClub raised shares of ITT from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $46.00 price target 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. Stifel Nicolaus reissued a “buy” rating and issued a $49.00 price target on shares of ITT in a research note on Wednesday, August 16th. Finally, Deutsche Bank AG raised shares of ITT from a “hold” rating to a “buy” rating and boosted their price target for the stock from $46.00 to $55.00 in a research note on Monday, October 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $48.50.
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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