Analysts expect that ITT Inc. (NYSE:ITT) will announce sales of $678.30 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for ITT’s earnings, with the lowest sales estimate coming in at $646.00 million and the highest estimate coming in at $703.50 million. ITT reported sales of $625.80 million during the same quarter last year, which indicates a positive year-over-year growth rate of 8.4%. The business is expected to report its next quarterly earnings report on Monday, May 14th.
On average, analysts expect that ITT will report full year sales of $678.30 million for the current financial year, with estimates ranging from $2.72 billion to $2.83 billion. For the next year, analysts expect that the business will report sales of $2.93 billion per share, with estimates ranging from $2.88 billion to $3.01 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for ITT.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05. ITT had a return on equity of 14.65% and a net margin of 4.39%. The business had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The business’s revenue was up 16.2% on a year-over-year basis.
Several research analysts have weighed in on the company. Zacks Investment Research cut ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine raised ITT from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $63.00 price target (up previously from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Finally, Oppenheimer reaffirmed a “buy” rating and set a $60.00 price target on shares of ITT in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.88.
In other news, CFO Thomas M. Scalera sold 9,215 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total transaction of $458,630.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.20% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning bought a new stake in shares of ITT during the 4th quarter valued at $205,000. Alps Advisors Inc. bought a new stake in shares of ITT during the 4th quarter valued at $209,000. AXA bought a new stake in shares of ITT during the 4th quarter valued at $219,000. Burney Co. bought a new stake in shares of ITT during the 4th quarter valued at $222,000. Finally, Portland Global Advisors LLC bought a new stake in shares of ITT during the 4th quarter valued at $232,000. 94.22% of the stock is currently owned by hedge funds and other institutional investors.
ITT (NYSE:ITT) traded up $0.09 during mid-day trading on Monday, reaching $51.11. The company’s stock had a trading volume of 385,741 shares, compared to its average volume of 660,495. ITT has a twelve month low of $36.93 and a twelve month high of $57.62. The stock has a market capitalization of $4,542.30, a PE ratio of 39.86, a P/E/G ratio of 1.34 and a beta of 1.59.
ITT declared that its Board of Directors has approved a share repurchase plan on Friday, February 16th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the conglomerate to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Monday, March 12th will be given a dividend of $0.134 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, March 9th. This is a boost from ITT’s previous quarterly dividend of $0.13. ITT’s dividend payout ratio is currently 42.19%.
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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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