ITT Inc. (NYSE:ITT) shares rose NaN on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $51.65 and last traded at $0.00. Approximately 2,997,708 shares traded hands during trading, an increase of Infinity from the average daily volume of 0 shares. The conglomerate reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $645.00 million for the quarter, compared to the consensus estimate of $605.06 million. ITT had a net margin of 8.64% and a return on equity of 14.17%. ITT’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be issued a dividend of $0.128 per share. The ex-dividend date is Thursday, December 7th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 1.10%. ITT’s dividend payout ratio is currently 21.70%.
ITT has been the topic of a number of recent research reports. BidaskClub upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Stifel Nicolaus restated a “buy” rating and set a $49.00 price target on shares of ITT in a report on Wednesday, August 16th. Zacks Investment Research upgraded shares of ITT from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Thursday, October 12th. ValuEngine upgraded shares of ITT from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Deutsche Bank AG upgraded shares of ITT from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $55.00 in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. ITT currently has a consensus rating of “Buy” and an average target price of $48.50.
In related news, insider Mary Elizabeth Gustafsson sold 5,000 shares of ITT stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $42.90, for a total value of $214,500.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. acquired a new stake in ITT in the 2nd quarter worth $105,000. Riverhead Capital Management LLC grew its position in ITT by 57.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,918 shares of the conglomerate’s stock worth $117,000 after purchasing an additional 1,059 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ITT by 10.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,280 shares of the conglomerate’s stock worth $132,000 after purchasing an additional 314 shares during the last quarter. Huntington National Bank acquired a new stake in ITT in the 3rd quarter worth $191,000. Finally, Synovus Financial Corp grew its position in ITT by 2.6% in the 2nd quarter. Synovus Financial Corp now owns 5,489 shares of the conglomerate’s stock worth $222,000 after purchasing an additional 138 shares during the last quarter. Institutional investors own 92.77% of the company’s stock.
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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