$681.84 Million in Sales Expected for ITT Inc (ITT) This Quarter
Brokerages forecast that ITT Inc (NYSE:ITT) will post sales of $681.84 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for ITT’s earnings, with the lowest sales estimate coming in at $673.00 million and the highest estimate coming in at $690.20 million. ITT reported sales of $630.90 million in the same quarter last year, which would suggest a positive year over year growth rate of 8.1%. The business is expected to announce its next quarterly earnings report on Thursday, November 1st.
According to Zacks, analysts expect that ITT will report full year sales of $2.76 billion for the current financial year, with estimates ranging from $2.73 billion to $2.78 billion. For the next financial year, analysts anticipate that the business will post sales of $2.91 billion per share, with estimates ranging from $2.86 billion to $2.95 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for ITT.
ITT (NYSE:ITT) last released its quarterly earnings data on Friday, August 3rd. The conglomerate reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.04. ITT had a net margin of 7.02% and a return on equity of 15.40%. The firm had revenue of $696.80 million during the quarter, compared to analysts’ expectations of $685.80 million. During the same period in the previous year, the business posted $0.55 earnings per share. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year.
In other news, insider Victoria L. Creamer sold 7,640 shares of the business’s stock in a transaction dated Monday, May 21st. The shares were sold at an average price of $55.16, for a total value of $421,422.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Global X Management Co LLC bought a new stake in shares of ITT in the second quarter valued at about $293,000. Gifford Fong Associates bought a new stake in shares of ITT in the second quarter valued at about $261,000. Jane Street Group LLC boosted its position in shares of ITT by 22.9% in the second quarter. Jane Street Group LLC now owns 11,059 shares of the conglomerate’s stock valued at $578,000 after acquiring an additional 2,058 shares during the period. California Public Employees Retirement System boosted its position in shares of ITT by 10.2% in the second quarter. California Public Employees Retirement System now owns 249,982 shares of the conglomerate’s stock valued at $13,067,000 after acquiring an additional 23,107 shares during the period. Finally, Vident Investment Advisory LLC boosted its position in shares of ITT by 68.0% in the second quarter. Vident Investment Advisory LLC now owns 16,404 shares of the conglomerate’s stock valued at $857,000 after acquiring an additional 6,638 shares during the period. 91.38% of the stock is owned by institutional investors.
ITT stock traded up $1.24 during midday trading on Wednesday, reaching $61.12. 372,315 shares of the company were exchanged, compared to its average volume of 610,555. ITT has a one year low of $38.66 and a one year high of $63.04. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 23.60, a price-to-earnings-growth ratio of 1.61 and a beta of 1.58.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Monday, September 10th will be given a $0.134 dividend. The ex-dividend date is Friday, September 7th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 0.88%. ITT’s payout ratio is presently 20.85%.
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: Industrial Process, Motion Technologies, and Connect & Control Technologies. The Industrial Process segment designs and manufactures industrial pumps, valves, and plant optimization systems; and centrifugal pumps, vertical centrifugal pumps, twin screw and positive displacement pumps, and water systems, as well as aftermarket solutions, such as repairs and upgrades services.
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