ITT Inc. (ITT) Expected to Post Earnings of $0.73 Per Share

Wall Street brokerages expect ITT Inc. (NYSE:ITT) to announce $0.73 earnings per share for the current quarter, Zacks reports. Seven analysts have made estimates for ITT’s earnings, with estimates ranging from $0.71 to $0.76. ITT posted earnings of $0.64 per share during the same quarter last year, which would suggest a positive year over year growth rate of 14.1%. The firm is expected to report its next earnings report on Monday, May 14th.

According to Zacks, analysts expect that ITT will report full-year earnings of $3.08 per share for the current year, with EPS estimates ranging from $3.03 to $3.20. For the next fiscal year, analysts forecast that the company will report earnings of $3.46 per share, with EPS estimates ranging from $3.26 to $3.63. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that follow ITT.

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ITT (NYSE:ITT) last posted its quarterly earnings results on Friday, February 16th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. ITT had a return on equity of 14.65% and a net margin of 4.39%. The business had revenue of $683.60 million for the quarter, compared to analyst estimates of $635.71 million. During the same period last year, the company earned $0.48 EPS. ITT’s revenue for the quarter was up 16.2% compared to the same quarter last year.

Several equities research analysts have weighed in on the company. Robert W. Baird reiterated a “buy” rating and issued a $64.00 price objective on shares of ITT in a report on Wednesday, April 4th. Oppenheimer reiterated a “buy” rating and issued a $60.00 price objective on shares of ITT in a report on Thursday, January 18th. Stifel Nicolaus reiterated a “buy” rating and issued a $62.00 price objective (down previously from $63.00) on shares of ITT in a report on Tuesday, February 20th. ValuEngine upgraded ITT from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Zacks Investment Research cut ITT from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $56.44.

In other news, CFO Thomas M. Scalera sold 9,215 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $49.77, for a total value of $458,630.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bailard Inc. purchased a new stake in shares of ITT in the fourth quarter worth about $606,000. Goldman Sachs Group Inc. lifted its holdings in shares of ITT by 56.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,681,071 shares of the conglomerate’s stock valued at $196,460,000 after purchasing an additional 1,327,073 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ITT by 48.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,857 shares of the conglomerate’s stock valued at $259,000 after purchasing an additional 1,577 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of ITT by 4.0% during the 4th quarter. BlackRock Inc. now owns 7,413,218 shares of the conglomerate’s stock valued at $395,641,000 after purchasing an additional 284,131 shares during the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of ITT by 42.4% during the 4th quarter. Teachers Advisors LLC now owns 938,824 shares of the conglomerate’s stock valued at $50,105,000 after purchasing an additional 279,585 shares during the last quarter. Institutional investors own 94.20% of the company’s stock.

NYSE ITT traded up $0.45 on Friday, hitting $52.10. The company’s stock had a trading volume of 276,207 shares, compared to its average volume of 632,403. ITT has a 52-week low of $36.93 and a 52-week high of $57.62. The stock has a market cap of $4,525.54, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.67 and a beta of 1.55.

The company also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Monday, March 12th were paid a $0.134 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, March 9th. This is a boost from ITT’s previous quarterly dividend of $0.13. ITT’s dividend payout ratio (DPR) is presently 20.85%.

ITT declared that its board has approved a share buyback plan on Friday, February 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the conglomerate to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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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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Earnings History and Estimates for ITT (NYSE:ITT)

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