ITT Inc. Plans Quarterly Dividend of $0.32 (NYSE:ITT)

ITT Inc. (NYSE:ITT) declared a quarterly dividend on Thursday, May 2nd, RTT News reports. Stockholders of record on Monday, June 3rd will be paid a dividend of 0.319 per share by the conglomerate on Monday, July 1st. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.02%.

ITT has increased its dividend payment by an average of 19.7% per year over the last three years and has increased its dividend every year for the last 9 years. ITT has a payout ratio of 19.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect ITT to earn $6.61 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 19.4%.

ITT Stock Down 3.4 %

Shares of ITT stock traded down $4.44 during mid-day trading on Thursday, reaching $124.84. The company’s stock had a trading volume of 73,529 shares, compared to its average volume of 354,910. The company’s 50 day simple moving average is $129.41 and its 200-day simple moving average is $118.29. The firm has a market capitalization of $10.27 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. ITT has a 12-month low of $75.82 and a 12-month high of $138.29.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.34. The business had revenue of $829.10 million during the quarter, compared to analyst estimates of $814.38 million. ITT had a net margin of 12.50% and a return on equity of 17.91%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the business earned $1.29 EPS. As a group, research analysts anticipate that ITT will post 5.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ITT has been the subject of a number of recent analyst reports. Citigroup raised their price target on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a report on Monday, April 8th. Stifel Nicolaus raised their price objective on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. KeyCorp raised their price objective on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. DA Davidson raised their price objective on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. Finally, StockNews.com lowered shares of ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 6th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT presently has an average rating of “Buy” and a consensus price target of $135.57.

About ITT

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. 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.