ITT (ITT) Shares Up 8% on Earnings Beat

ITT Inc (NYSE:ITT) shares shot up 8% during trading on Friday following a better than expected earnings announcement. The stock traded as high as $61.40 and last traded at $56.97. 1,815,900 shares traded hands during trading, an increase of 186% from the average session volume of 634,916 shares. The stock had previously closed at $52.76.

The conglomerate reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.03. ITT had a return on equity of 15.40% and a net margin of 7.02%. The business had revenue of $680.60 million for the quarter, compared to the consensus estimate of $677.36 million. During the same quarter last year, the business posted $0.66 earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be given a dividend of $0.134 per share. The ex-dividend date is Thursday, December 6th. This represents a $0.54 dividend on an annualized basis and a yield of 0.94%. ITT’s payout ratio is 20.85%.

A number of equities analysts recently commented on ITT shares. UBS Group lifted their price objective on ITT from $57.00 to $60.00 and gave the stock a “sell” rating in a research report on Thursday, August 30th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Oppenheimer reiterated a “buy” rating on shares of ITT in a research report on Friday. Stifel Nicolaus lifted their price objective on ITT from $59.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday, August 6th. Finally, Zacks Investment Research upgraded ITT from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. ITT presently has an average rating of “Buy” and a consensus price target of $66.13.

A number of large investors have recently bought and sold shares of ITT. Meeder Asset Management Inc. purchased a new stake in ITT in the third quarter valued at $128,000. Stratos Wealth Partners LTD. purchased a new stake in ITT in the third quarter valued at $176,000. Welch & Forbes LLC purchased a new stake in ITT in the third quarter valued at $208,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in ITT in the second quarter valued at $211,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in ITT in the second quarter valued at $224,000. Institutional investors own 90.64% of the company’s stock.

The stock has a market cap of $4.36 billion, a P/E ratio of 22.00, a price-to-earnings-growth ratio of 1.29 and a beta of 1.65.

ITT Company Profile (NYSE: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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