Other equities research analysts also recently issued research reports about the company. Barclays PLC reiterated a buy rating on shares of ITT in a report on Monday, November 7th. Stifel Nicolaus upped their price target on ITT from $45.00 to $49.00 and gave the stock a buy rating in a report on Wednesday. Bank of America Corporation upgraded ITT from a neutral rating to a buy rating in a research note on Monday, January 9th. Aegis initiated coverage on ITT in a research note on Friday, December 2nd. They set a buy rating and a $47.00 price target for the company. Finally, Zacks Investment Research upgraded ITT from a sell rating to a hold rating in a research note on Friday, November 18th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. ITT presently has a consensus rating of Buy and a consensus price target of $44.88.
ITT (NYSE:ITT) traded down 2.50% during midday trading on Tuesday, hitting $42.07. The stock had a trading volume of 381,576 shares. The stock has a market cap of $3.71 billion, a P/E ratio of 20.35 and a beta of 1.39. ITT has a 52 week low of $30.06 and a 52 week high of $44.00. The company has a 50-day moving average price of $41.21 and a 200-day moving average price of $37.69.
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ITT (NYSE:ITT) last announced its quarterly earnings results on Tuesday, February 14th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.06. ITT had a return on equity of 15.41% and a net margin of 7.93%. The business earned $588 million during the quarter, compared to the consensus estimate of $551.89 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. ITT’s revenue was down 11.8% compared to the same quarter last year. Equities analysts expect that ITT will post $2.39 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 13th will be issued a dividend of $0.128 per share. This is a boost from ITT’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 9th. This represents a $0.51 dividend on an annualized basis and a yield of 1.19%. ITT’s dividend payout ratio is 22.94%.
In related news, insider Aris C. Chicles sold 30,570 shares of the stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $41.02, for a total transaction of $1,253,981.40. Following the sale, the insider now owns 70,470 shares of the company’s stock, valued at approximately $2,890,679.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of ITT by 3.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,378 shares of the company’s stock worth $131,000 after buying an additional 120 shares during the period. Tyers Asset Management LLC acquired a new stake in ITT during the fourth quarter valued at $135,000. Advisor Group Inc. boosted its stake in ITT by 40.7% in the third quarter. Advisor Group Inc. now owns 3,852 shares of the company’s stock valued at $138,000 after buying an additional 1,114 shares during the last quarter. Quantbot Technologies LP acquired a new stake in ITT during the third quarter valued at $159,000. Finally, Elkfork Partners LLC acquired a new stake in ITT during the fourth quarter valued at $185,000. 91.15% of the stock is currently owned by institutional investors and hedge funds.
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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