ITT (ITT) Posts Earnings Results, Beats Expectations By $0.05 EPS
ITT (NYSE:ITT) announced its quarterly earnings data on Friday. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05, Bloomberg Earnings reports. ITT had a return on equity of 14.12% and a net margin of 8.29%. The company had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue was up 16.2% compared to the same quarter last year. ITT updated its FY18 guidance to $2.85-3.15 EPS.
ITT (NYSE ITT) opened at $53.52 on Friday. The firm has a market capitalization of $4,709.76, a P/E ratio of 20.66, a P/E/G ratio of 1.41 and a beta of 1.54. ITT has a 1-year low of $36.93 and a 1-year high of $57.62.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 12th will be issued a dividend of $0.134 per share. This is a positive change from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.00%. ITT’s payout ratio is presently 39.84%.
A number of brokerages have recently issued reports on ITT. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research lowered ITT from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Stifel Nicolaus reissued a “buy” rating and set a $63.00 target price (up from $60.00) on shares of ITT in a report on Tuesday, January 16th. UBS Group initiated coverage on ITT in a report on Tuesday, January 23rd. They set a “sell” rating and a $55.00 target price on the stock. Finally, Oppenheimer reissued a “buy” rating and set a $60.00 target price on shares of ITT in a report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $56.00.
ITT declared that its board has authorized a share repurchase program on Friday, February 16th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the conglomerate to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are 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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