ITT Inc. (NYSE:ITT) Plans $0.26 Quarterly Dividend

ITT Inc. (NYSE:ITT – Get Rating) declared a quarterly dividend on Wednesday, May 18th, RTT News reports. Investors of record on Friday, June 17th will be paid a dividend of 0.264 per share by the conglomerate on Tuesday, July 5th. This represents a $1.06 dividend on an annualized basis and a yield of 1.51%.

ITT has increased its dividend payment by an average of 18.0% per year over the last three years and has raised its dividend every year for the last 10 years. ITT has a payout ratio of 20.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ITT to earn $5.15 per share next year, which means the company should continue to be able to cover its $1.06 annual dividend with an expected future payout ratio of 20.6%.

ITT stock traded down $3.04 during mid-day trading on Wednesday, reaching $70.06. The company had a trading volume of 433,093 shares, compared to its average volume of 664,612. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 1.28 and a beta of 1.50. The firm has a fifty day simple moving average of $74.42 and a 200 day simple moving average of $88.57. ITT has a fifty-two week low of $68.80 and a fifty-two week high of $105.54.

ITT (NYSE:ITT – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The conglomerate reported $0.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.97. The company had revenue of $726.20 million for the quarter, compared to analyst estimates of $695.93 million. ITT had a return on equity of 15.90% and a net margin of 10.92%. ITT’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.06 EPS. Sell-side analysts predict that ITT will post 4.42 EPS for the current year.

In other ITT news, CEO Luca Savi sold 10,290 shares of ITT stock in a transaction that occurred on Thursday, February 17th. The stock was sold at an average price of $87.44, for a total transaction of $899,757.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC purchased a new position in shares of ITT in the 4th quarter valued at approximately $28,000. KB Financial Partners LLC purchased a new stake in shares of ITT in the fourth quarter valued at approximately $36,000. Walleye Trading LLC purchased a new stake in shares of ITT in the fourth quarter valued at approximately $269,000. Captrust Financial Advisors boosted its stake in shares of ITT by 5.0% in the first quarter. Captrust Financial Advisors now owns 3,927 shares of the conglomerate’s stock valued at $296,000 after buying an additional 188 shares in the last quarter. Finally, Bridgewater Associates LP purchased a new stake in shares of ITT in the first quarter valued at approximately $371,000. Institutional investors own 95.64% of the company’s stock.

A number of equities research analysts have issued reports on ITT shares. The Goldman Sachs Group reduced their price target on ITT from $109.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 7th. Stifel Nicolaus cut their target price on ITT from $107.00 to $91.00 and set a “buy” rating on the stock in a research report on Monday, April 18th. Citigroup cut their target price on ITT from $124.00 to $112.00 in a research report on Friday, February 11th. Robert W. Baird cut their target price on ITT from $90.00 to $84.00 in a research report on Wednesday, May 4th. Finally, Oppenheimer lowered ITT from an “outperform” rating to a “market perform” rating in a research report on Monday, March 28th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, ITT currently has an average rating of “Buy” and an average price target of $103.17.

ITT Company Profile (Get Rating)

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.

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