Zacks: Brokerages Expect ITT Inc (ITT) Will Post Quarterly Sales of $698.41 Million

Analysts expect ITT Inc (NYSE:ITT) to announce $698.41 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for ITT’s earnings. The highest sales estimate is $710.00 million and the lowest is $692.30 million. ITT posted sales of $683.60 million during the same quarter last year, which suggests a positive year over year growth rate of 2.2%. The company is scheduled to issue its next earnings results on Friday, February 15th.

According to Zacks, analysts expect that ITT will report full-year sales of $2.77 billion for the current year, with estimates ranging from $2.76 billion to $2.78 billion. For the next year, analysts expect that the business will post sales of $2.90 billion, with estimates ranging from $2.86 billion to $2.95 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for ITT.

ITT (NYSE:ITT) last announced its earnings results on Friday, November 2nd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.03. The firm had revenue of $680.60 million for the quarter, compared to analysts’ expectations of $677.36 million. ITT had a net margin of 7.80% and a return on equity of 16.10%. The business’s revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 EPS.

ITT has been the topic of several recent research reports. Oppenheimer set a $68.00 target price on shares of ITT and gave the company a “buy” rating in a research report on Tuesday, November 27th. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research report on Tuesday, November 13th. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. Gordon Haskett began coverage on shares of ITT in a report on Friday, October 12th. They set a “buy” rating on the stock. Finally, Robert W. Baird reiterated a “buy” rating and set a $65.00 price target on shares of ITT in a report on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $66.25.

Shares of NYSE ITT opened at $50.59 on Friday. The stock has a market cap of $4.61 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 1.36 and a beta of 1.73. ITT has a 12-month low of $46.10 and a 12-month high of $63.04.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be issued a dividend of $0.134 per share. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.54 annualized dividend and a yield of 1.06%. ITT’s payout ratio is 20.85%.

Large investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. grew its holdings in ITT by 180.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 280,100 shares of the conglomerate’s stock valued at $17,159,000 after purchasing an additional 180,275 shares during the last quarter. Bank of America Corp DE grew its stake in ITT by 2.5% in the 2nd quarter. Bank of America Corp DE now owns 1,055,247 shares of the conglomerate’s stock worth $55,157,000 after acquiring an additional 25,508 shares in the last quarter. Sun Life Financial INC bought a new position in ITT in the 2nd quarter worth about $375,000. BlackRock Inc. grew its stake in ITT by 1.3% in the 2nd quarter. BlackRock Inc. now owns 7,747,776 shares of the conglomerate’s stock worth $404,973,000 after acquiring an additional 100,364 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in ITT by 2.5% in the 3rd quarter. Arizona State Retirement System now owns 62,200 shares of the conglomerate’s stock worth $3,810,000 after acquiring an additional 1,520 shares in the last quarter. Institutional investors own 91.17% of the company’s stock.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.

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