ITT (NYSE:ITT) posted its earnings results on Friday. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05, Bloomberg Earnings reports. The firm had revenue of $683.60 million during the quarter, compared to the consensus estimate of $635.71 million. ITT had a net margin of 8.29% and a return on equity of 14.12%. The company’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 EPS. ITT updated its FY18 guidance to $2.85-3.15 EPS.
Shares of ITT (NYSE:ITT) opened at $53.52 on Friday. ITT has a 1 year low of $36.93 and a 1 year high of $57.62. The stock has a market cap of $4,709.76, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 1.41 and a beta of 1.54.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 12th will be given a $0.134 dividend. This is an increase from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a yield of 1.00%. ITT’s dividend payout ratio (DPR) is 39.84%.
ITT has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of ITT from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. KeyCorp reissued a “buy” rating on shares of ITT in a research report on Friday, November 3rd. Seaport Global Securities reissued a “buy” rating on shares of ITT in a research report on Monday, November 6th. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Thursday, November 9th. Finally, Robert W. Baird reissued an “outperform” rating and set a $60.00 target price (up previously from $51.00) on shares of ITT in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $56.00.
ITT announced that its Board of Directors has initiated a stock buyback plan on Friday, February 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the conglomerate to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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