ITT Inc (NYSE:ITT) – Research analysts at DA Davidson lifted their FY2019 earnings per share (EPS) estimates for ITT in a report released on Tuesday, November 5th. DA Davidson analyst M. Summerville now forecasts that the conglomerate will earn $3.74 per share for the year, up from their previous estimate of $3.60. DA Davidson also issued estimates for ITT’s Q4 2019 earnings at $0.93 EPS and FY2020 earnings at $3.95 EPS.
A number of other equities analysts also recently commented on ITT. Zacks Investment Research raised shares of ITT from a “sell” rating to a “hold” rating and set a $63.00 target price on the stock in a research note on Monday, October 14th. ValuEngine raised shares of ITT from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Robert W. Baird set a $75.00 target price on shares of ITT and gave the stock a “buy” rating in a research note on Friday, November 1st. KeyCorp lifted their target price on shares of ITT from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Oppenheimer set a $72.00 target price on shares of ITT and gave the stock a “buy” rating in a research note on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $68.17.
ITT stock traded down $0.14 during trading on Friday, reaching $68.79. 1,050 shares of the stock were exchanged, compared to its average volume of 628,535. The business has a 50 day moving average price of $60.55 and a 200-day moving average price of $60.66. ITT has a 1 year low of $44.89 and a 1 year high of $70.43. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 21.34, a P/E/G ratio of 1.92 and a beta of 1.60.
ITT (NYSE:ITT) last issued its earnings results on Friday, November 1st. The conglomerate reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.07. ITT had a net margin of 11.00% and a return on equity of 16.92%. The company had revenue of $711.90 million for the quarter, compared to the consensus estimate of $707.57 million. During the same period in the previous year, the firm earned $0.82 earnings per share. ITT’s quarterly revenue was up 4.6% compared to the same quarter last year.
Several institutional investors have recently added to or reduced their stakes in ITT. Nuveen Asset Management LLC purchased a new stake in shares of ITT in the 2nd quarter valued at approximately $134,658,000. Invesco Ltd. increased its stake in ITT by 34.3% during the 2nd quarter. Invesco Ltd. now owns 2,235,613 shares of the conglomerate’s stock worth $146,389,000 after buying an additional 570,860 shares during the period. Carlson Capital L P purchased a new stake in ITT during the 2nd quarter worth approximately $32,740,000. AQR Capital Management LLC increased its stake in ITT by 25.5% during the 2nd quarter. AQR Capital Management LLC now owns 1,768,355 shares of the conglomerate’s stock worth $114,006,000 after buying an additional 358,990 shares during the period. Finally, Janus Henderson Group PLC increased its stake in ITT by 9.5% during the 2nd quarter. Janus Henderson Group PLC now owns 3,574,946 shares of the conglomerate’s stock worth $234,087,000 after buying an additional 310,850 shares during the period. 89.43% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Farrokh Batliwala sold 4,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $69.51, for a total value of $305,844.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.
ITT announced that its Board of Directors has authorized a stock repurchase program on Friday, November 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the conglomerate to purchase up to 8.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be paid a $0.147 dividend. This represents a $0.59 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Friday, December 6th. ITT’s dividend payout ratio (DPR) is 18.27%.
ITT Company Profile
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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