Wall Street analysts expect ITT Inc. (NYSE:ITT) to report sales of $678.76 million for the current quarter, Zacks reports. Eight analysts have made estimates for ITT’s earnings. The lowest sales estimate is $646.00 million and the highest is $703.50 million. ITT posted sales of $625.80 million in the same quarter last year, which would indicate a positive year over year growth rate of 8.5%. The firm is expected to issue its next quarterly earnings results on Monday, May 14th.
According to Zacks, analysts expect that ITT will report full-year sales of $678.76 million for the current fiscal year, with estimates ranging from $2.72 billion to $2.83 billion. For the next year, analysts expect that the business will report sales of $2.92 billion per share, with estimates ranging from $2.88 billion to $3.01 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover ITT.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, February 16th. The conglomerate reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. ITT had a return on equity of 14.65% and a net margin of 4.39%. The business had revenue of $683.60 million during the quarter, compared to the consensus estimate of $635.71 million. During the same period in the prior year, the company earned $0.48 EPS. ITT’s revenue for the quarter was up 16.2% on a year-over-year basis.
In other news, CFO Thomas M. Scalera sold 9,215 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $49.77, for a total value of $458,630.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Creative Planning acquired a new stake in ITT during the fourth quarter worth approximately $205,000. Alps Advisors Inc. acquired a new stake in ITT during the fourth quarter worth approximately $209,000. AXA acquired a new stake in ITT during the fourth quarter worth approximately $219,000. Burney Co. acquired a new stake in ITT during the fourth quarter worth approximately $222,000. Finally, Portland Global Advisors LLC acquired a new stake in ITT during the fourth quarter worth approximately $232,000. 94.20% of the stock is owned by institutional investors.
Shares of ITT stock traded up $1.02 on Thursday, hitting $48.98. 615,693 shares of the company’s stock were exchanged, compared to its average volume of 633,499. The company has a market cap of $4,320.04, a P/E ratio of 18.91, a P/E/G ratio of 1.60 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. Stockholders of record on Monday, March 12th will be paid a $0.134 dividend. This is a boost from ITT’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, March 9th. This represents a $0.54 annualized dividend and a dividend yield of 1.09%. ITT’s dividend payout ratio is presently 20.85%.
ITT announced that its Board of Directors has authorized a stock repurchase plan on Friday, February 16th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the conglomerate to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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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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