ITT Inc. (ITT) Shares Up NaN After Strong Earnings
Shares of ITT Inc. (NYSE:ITT) shot up NaN during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $51.65 and last traded at $0.00. 2,997,708 shares were traded during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.05. The firm had revenue of $645.00 million during the quarter, compared to analyst estimates of $605.06 million. ITT had a net margin of 8.29% and a return on equity of 14.12%. ITT’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be issued a $0.128 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, December 7th. ITT’s payout ratio is 21.89%.
A number of equities research analysts have weighed in on the stock. BidaskClub downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Deutsche Bank AG raised shares of ITT from a “hold” rating to a “buy” rating and upped their price target for the company from $46.00 to $55.00 in a report on Monday, October 9th. Cowen and Company reissued a “buy” rating and issued a $50.00 price target on shares of ITT in a report on Thursday, September 21st. Stifel Nicolaus reissued a “buy” rating and issued a $49.00 price target on shares of ITT in a report on Wednesday, August 16th. Finally, Zacks Investment Research downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $49.40.
In other ITT news, insider Mary Elizabeth Gustafsson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total transaction of $214,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new stake in ITT during the first quarter valued at about $10,386,000. Prudential Financial Inc. lifted its stake in ITT by 273.4% during the second quarter. Prudential Financial Inc. now owns 203,051 shares of the conglomerate’s stock valued at $8,159,000 after buying an additional 148,668 shares in the last quarter. Federated Investors Inc. PA lifted its position in shares of ITT by 27.2% in the second quarter. Federated Investors Inc. PA now owns 45,280 shares of the conglomerate’s stock worth $1,819,000 after purchasing an additional 9,672 shares in the last quarter. Comerica Bank lifted its position in shares of ITT by 46.0% in the second quarter. Comerica Bank now owns 237,330 shares of the conglomerate’s stock worth $9,897,000 after purchasing an additional 74,782 shares in the last quarter. Finally, Twin Capital Management Inc. lifted its position in shares of ITT by 9.5% in the second quarter. Twin Capital Management Inc. now owns 72,150 shares of the conglomerate’s stock worth $2,899,000 after purchasing an additional 6,250 shares in the last quarter. 92.77% of the stock is owned by institutional investors.
The stock has a market capitalization of $4.53 billion, a PE ratio of 21.19, a PEG ratio of 1.37 and a beta of 1.53.
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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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