ITT Inc. (NYSE:ITT) Plans Quarterly Dividend of $0.35

ITT Inc. (NYSE:ITT) declared a quarterly dividend on Thursday, May 1st, RTT News reports. Investors of record on Monday, June 2nd will be given a dividend of 0.351 per share by the conglomerate on Monday, June 30th. This represents a $1.40 annualized dividend and a yield of 0.93%. The ex-dividend date is Monday, June 2nd.

ITT has raised its dividend payment by an average of 13.2% annually over the last three years and has raised its dividend every year for the last 10 years. ITT has a payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect ITT to earn $7.14 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 19.6%.

ITT Price Performance

ITT stock opened at $150.52 on Friday. ITT has a one year low of $105.64 and a one year high of $161.13. The firm has a 50 day simple moving average of $136.46 and a two-hundred day simple moving average of $142.88. The stock has a market cap of $11.85 billion, a PE ratio of 23.89, a P/E/G ratio of 1.89 and a beta of 1.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.40 and a quick ratio of 0.96.

ITT (NYSE:ITT) last issued its earnings results on Thursday, May 1st. The conglomerate reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.01. The company had revenue of $913.00 million during the quarter, compared to analysts’ expectations of $901.22 million. ITT had a return on equity of 18.03% and a net margin of 14.27%. ITT’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 EPS. On average, analysts predict that ITT will post 6.51 EPS for the current fiscal year.

Institutional Trading of ITT

Several large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its position in shares of ITT by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 418,238 shares of the conglomerate’s stock valued at $54,020,000 after purchasing an additional 28,937 shares in the last quarter. Amundi grew its position in shares of ITT by 22,565.6% in the first quarter. Amundi now owns 7,253 shares of the conglomerate’s stock valued at $867,000 after purchasing an additional 7,221 shares in the last quarter. Focus Partners Wealth grew its holdings in ITT by 80.7% in the 1st quarter. Focus Partners Wealth now owns 7,871 shares of the conglomerate’s stock valued at $1,017,000 after buying an additional 3,515 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in ITT in the 1st quarter valued at $360,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

Wall Street Analysts Forecast Growth

ITT has been the subject of a number of recent analyst reports. UBS Group boosted their target price on ITT from $165.00 to $168.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Stifel Nicolaus upped their price objective on ITT from $161.00 to $171.00 and gave the company a “buy” rating in a research report on Friday, May 16th. The Goldman Sachs Group upped their price objective on ITT from $160.00 to $177.00 and gave the company a “buy” rating in a research report on Monday, May 19th. KeyCorp upped their price target on shares of ITT from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Finally, Bank of America upped their price target on shares of ITT from $145.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $165.50.

About ITT

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.