ITT Inc (NYSE:ITT) – Oppenheimer lifted their FY2018 EPS estimates for shares of ITT in a report released on Sunday, November 4th. Oppenheimer analyst B. Blair now forecasts that the conglomerate will earn $3.15 per share for the year, up from their previous forecast of $3.12. Oppenheimer currently has a “Buy” rating and a $68.00 price objective on the stock. Oppenheimer also issued estimates for ITT’s Q4 2018 earnings at $0.74 EPS and FY2019 earnings at $3.65 EPS.
ITT (NYSE:ITT) last released its earnings results on Friday, November 2nd. The conglomerate reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.03. The business had revenue of $680.60 million during 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 company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share.
ITT has been the subject of a number of other research reports. Zacks Investment Research raised shares of ITT from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Wednesday, August 8th. ValuEngine cut shares of ITT from a “buy” rating to a “hold” rating in a research note on Tuesday, October 16th. DA Davidson set a $70.00 price objective on shares of ITT and gave the company a “buy” rating in a research note on Monday, August 6th. 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. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $69.00 price objective on shares of ITT in a research note on Tuesday, August 7th. One equities 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 company’s stock. The company currently has an average rating of “Buy” and an average price target of $66.25.
ITT stock opened at $56.19 on Tuesday. The stock has a market cap of $4.99 billion, a PE ratio of 21.69, a P/E/G ratio of 1.47 and a beta of 1.71. ITT has a 52 week low of $46.10 and a 52 week high of $63.04.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sun Life Financial INC purchased a new stake in ITT during the 2nd quarter valued at about $375,000. Bank of America Corp DE boosted its holdings 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 valued at $55,157,000 after purchasing an additional 25,508 shares during the last quarter. BlackRock Inc. boosted its holdings in ITT by 1.3% in the 2nd quarter. BlackRock Inc. now owns 7,747,776 shares of the conglomerate’s stock valued at $404,973,000 after purchasing an additional 100,364 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in ITT by 3.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 34,248 shares of the conglomerate’s stock valued at $1,790,000 after purchasing an additional 986 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in ITT by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 60,680 shares of the conglomerate’s stock valued at $3,172,000 after purchasing an additional 1,140 shares during the last quarter. 90.85% of the stock is owned by institutional investors.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 7th will be paid 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 0.95%. ITT’s dividend payout ratio is presently 20.85%.
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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