ITT Inc (ITT) to Issue Quarterly Dividend of $0.15 on December 30th

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ITT Inc (NYSE:ITT) declared a quarterly dividend on Thursday, October 10th, Zacks reports. Stockholders of record on Monday, December 9th will be given a dividend of 0.147 per share by the conglomerate on Monday, December 30th. This represents a $0.59 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Friday, December 6th.

ITT stock traded up $1.45 during mid-day trading on Wednesday, reaching $70.25. The company had a trading volume of 98,137 shares, compared to its average volume of 543,747. The business has a fifty day simple moving average of $65.62 and a 200 day simple moving average of $61.66. The company has a market cap of $6.12 billion, a P/E ratio of 21.75, a P/E/G ratio of 1.87 and a beta of 1.67. ITT has a fifty-two week low of $44.89 and a fifty-two week high of $70.85.

ITT (NYSE:ITT) last released its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.07. ITT had a return on equity of 16.92% and a net margin of 11.00%. The company had revenue of $711.90 million for the quarter, compared to the consensus estimate of $707.57 million. ITT’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $0.82 EPS. Sell-side analysts predict that ITT will post 3.74 earnings per share for the current fiscal year.

ITT has been the topic of several recent research reports. Robert W. Baird set a $75.00 price target on ITT and gave the stock a “buy” rating in a report on Friday, November 1st. KeyCorp lifted their price objective on ITT from $70.00 to $80.00 in a research note on Wednesday, November 27th. Zacks Investment Research upgraded ITT from a “sell” rating to a “hold” rating and set a $63.00 price objective for the company in a research note on Monday, October 14th. DA Davidson boosted their price objective on ITT from $75.00 to $80.00 and gave the stock a “positive” rating in a research report on Tuesday, November 19th. Finally, ValuEngine upgraded shares of ITT from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $71.29.

In related news, insider Mary Elizabeth Gustafsson sold 5,978 shares of ITT stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $69.00, for a total value of $412,482.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frank T. Macinnis sold 420 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $69.17, for a total value of $29,051.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,798 shares of company stock worth $747,377. Corporate insiders own 1.00% of the company’s stock.

ITT declared that its board has initiated a share buyback plan on Friday, November 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the conglomerate to repurchase up to 8.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

ITT Company Profile

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.

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Dividend History for ITT (NYSE:ITT)

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