ITT Inc. (ITT) Releases FY17 Earnings Guidance
ITT Inc. (NYSE:ITT) updated its FY17 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.50-2.55 for the period, compared to the Thomson Reuters consensus estimate of $2.47. The company issued revenue guidance of $2.50-2.53 billion, compared to the consensus revenue estimate of $2.48 billion.
Several equities research analysts have weighed in on the company. BidaskClub cut ITT from a buy rating to a hold rating in a research note on Tuesday, July 25th. Deutsche Bank AG raised ITT from a hold rating to a buy rating and upped their target price for the company from $46.00 to $55.00 in a research note on Monday, October 9th. Cowen and Company reaffirmed a buy rating and set a $50.00 target price on shares of ITT in a research note on Thursday, September 21st. Stifel Nicolaus reaffirmed a buy rating and set a $49.00 target price on shares of ITT in a research note on Wednesday, August 16th. Finally, Zacks Investment Research cut ITT from a buy rating to a hold rating in a research note on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $48.50.
ITT (NYSE:ITT) last posted its earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.64% and a return on equity of 14.17%. The firm had revenue of $645.00 million during the quarter, compared to the consensus estimate of $605.06 million. During the same quarter last year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be issued a $0.128 dividend. The ex-dividend date is Thursday, December 7th. This represents a $0.51 annualized dividend and a yield of 1.10%. ITT’s dividend payout ratio (DPR) is presently 21.70%.
In related news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction that occurred on 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 filing 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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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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