ITT (NYSE:ITT) posted its quarterly earnings data on Friday. The conglomerate reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.03, MarketWatch Earnings reports. ITT had a net margin of 7.02% and a return on equity of 15.40%. The company had revenue of $680.60 million during the quarter, compared to analyst estimates of $677.36 million. During the same period in the prior year, the firm earned $0.66 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. ITT updated its FY 2018 guidance to $3.13-3.15 EPS and its FY18 guidance to $3.13-3.15 EPS.
Shares of ITT traded up $4.21 during trading hours on Friday, reaching $56.97. The company’s stock had a trading volume of 1,815,986 shares, compared to its average volume of 854,381. The company has a market capitalization of $4.42 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 1.31 and a beta of 1.71. ITT has a 1-year low of $46.10 and a 1-year high of $63.04.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, December 7th will be issued a $0.134 dividend. The ex-dividend date of this dividend is Thursday, December 6th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 0.94%. ITT’s dividend payout ratio is 20.85%.
ITT has been the subject of a number of analyst reports. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, September 18th. KeyCorp upped their price objective on shares of ITT from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, August 6th. Oppenheimer reaffirmed a “buy” rating and set a $67.00 price objective (up from $60.00) on shares of ITT in a research note on Friday, August 3rd. Gordon Haskett initiated coverage on shares of ITT in a research note on Friday, October 12th. They set a “buy” rating for the company. Finally, ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. 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 stock presently has a consensus rating of “Buy” and a consensus price target of $66.13.
Several institutional investors and hedge funds have recently modified their holdings of ITT. Meeder Asset Management Inc. acquired a new position in shares of ITT in the 3rd quarter valued at about $128,000. Stratos Wealth Partners LTD. acquired a new position in shares of ITT in the 3rd quarter valued at about $176,000. CIBC Asset Management Inc acquired a new position in shares of ITT in the 3rd quarter valued at about $206,000. Welch & Forbes LLC acquired a new position in shares of ITT in the 3rd quarter valued at about $208,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of ITT in the 2nd quarter valued at about $211,000. Institutional investors own 90.64% of the company’s stock.
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: 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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