ITT Inc (NYSE:ITT) – Investment analysts at DA Davidson upped their FY2019 earnings per share estimates for shares of ITT in a report released on Tuesday, November 5th. DA Davidson analyst M. Summerville now forecasts that the conglomerate will post earnings of $3.74 per share for the year, up from their previous estimate of $3.60. DA Davidson also issued estimates for ITT’s Q4 2019 earnings at $0.93 EPS and FY2020 earnings at $3.95 EPS.
ITT (NYSE:ITT) last issued its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.07. The business had revenue of $711.90 million for the quarter, compared to the consensus estimate of $707.57 million. ITT had a return on equity of 16.92% and a net margin of 11.00%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS.
Other analysts also recently issued research reports about the company. Oppenheimer set a $72.00 price objective on ITT and gave the stock a “buy” rating in a research note on Friday, July 19th. KeyCorp raised their price objective on ITT from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Zacks Investment Research raised ITT from a “sell” rating to a “hold” rating and set a $63.00 price objective on the stock in a research note on Monday, October 14th. Robert W. Baird set a $75.00 price objective on ITT and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, ValuEngine raised ITT from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. ITT presently has a consensus rating of “Buy” and a consensus price target of $68.17.
Shares of ITT stock opened at $68.35 on Friday. The company has a market capitalization of $6.05 billion, a PE ratio of 21.16, a PEG ratio of 1.92 and a beta of 1.60. ITT has a 12 month low of $44.89 and a 12 month high of $70.43. The stock’s fifty day simple moving average is $60.70 and its 200 day simple moving average is $60.69.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of ITT by 1.1% in the 2nd quarter. BlackRock Inc. now owns 7,980,310 shares of the conglomerate’s stock valued at $522,551,000 after purchasing an additional 86,769 shares during the period. Janus Henderson Group PLC raised its stake in shares of ITT by 9.5% in the 2nd quarter. Janus Henderson Group PLC now owns 3,574,946 shares of the conglomerate’s stock valued at $234,087,000 after purchasing an additional 310,850 shares during the period. Invesco Ltd. raised its stake in shares of ITT by 34.3% in the 2nd quarter. Invesco Ltd. now owns 2,235,613 shares of the conglomerate’s stock valued at $146,389,000 after purchasing an additional 570,860 shares during the period. Macquarie Group Ltd. raised its stake in shares of ITT by 0.9% in the 2nd quarter. Macquarie Group Ltd. now owns 2,214,793 shares of the conglomerate’s stock valued at $145,024,000 after purchasing an additional 19,601 shares during the period. Finally, Nuveen Asset Management LLC acquired a new stake in shares of ITT in the 2nd quarter valued at about $134,658,000. 89.43% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Farrokh Batliwala sold 4,400 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $69.51, for a total transaction of $305,844.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.
ITT announced that its board has initiated a stock buyback plan on Friday, November 1st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the conglomerate to reacquire up to 8.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a dividend of $0.147 per share. This represents a $0.59 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Friday, December 6th. ITT’s payout ratio is presently 18.27%.
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: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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