ITT (ITT) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS
ITT (NYSE:ITT) posted its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05, Bloomberg Earnings reports. The company had revenue of $683.60 million for the quarter, compared to analyst estimates of $635.71 million. ITT had a net margin of 4.39% and a return on equity of 14.65%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. ITT updated its FY18 guidance to $2.85-3.15 EPS.
Shares of ITT (NYSE ITT) opened at $52.47 on Tuesday. The stock has a market cap of $4,698.41, a price-to-earnings ratio of 20.57, a P/E/G ratio of 1.39 and a beta of 1.59. ITT has a 12 month low of $36.93 and a 12 month high of $57.62.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 12th will be paid a $0.134 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Friday, March 9th. This is a positive change from ITT’s previous quarterly dividend of $0.13. ITT’s payout ratio is 42.19%.
A number of analysts have recently issued reports on ITT shares. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Thursday, January 18th. UBS Group started coverage on shares of ITT in a research note on Tuesday, January 23rd. They set a “sell” rating and a $55.00 price objective on the stock. Oppenheimer reiterated a “buy” rating and set a $60.00 price objective on shares of ITT in a research note on Thursday, January 18th. ValuEngine lowered shares of ITT from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Finally, Stifel Nicolaus restated a “buy” rating and issued a $62.00 price target (down previously from $63.00) on shares of ITT in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $55.88.
In related news, CFO Thomas M. Scalera sold 9,215 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $49.77, for a total value of $458,630.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ITT. State Street Corp lifted its holdings in ITT by 1.2% in the second quarter. State Street Corp now owns 2,331,009 shares of the conglomerate’s stock worth $93,659,000 after purchasing an additional 26,802 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in ITT by 2.2% in the second quarter. The Manufacturers Life Insurance Company now owns 130,192 shares of the conglomerate’s stock worth $5,232,000 after purchasing an additional 2,855 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in ITT by 17.6% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,120 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 914 shares during the period. Nomura Holdings Inc. lifted its holdings in ITT by 134.4% in the second quarter. Nomura Holdings Inc. now owns 13,460 shares of the conglomerate’s stock worth $541,000 after purchasing an additional 7,718 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its holdings in ITT by 2.1% in the second quarter. Ameritas Investment Partners Inc. now owns 26,533 shares of the conglomerate’s stock worth $1,066,000 after purchasing an additional 533 shares during the period. 94.22% of the stock is owned by institutional investors and hedge funds.
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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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