ITT Corp. (ITT) to Post FY2016 Earnings of $2.20 Per Share, Gabelli Forecasts
ITT Corp. (NYSE:ITT) – Gabelli cut their FY2016 earnings per share (EPS) estimates for ITT Corp. in a research note issued to investors on Monday. Gabelli analyst J. Foung now forecasts that the brokerage will post earnings of $2.20 per share for the year, down from their previous estimate of $2.45. Gabelli also issued estimates for ITT Corp.’s FY2017 earnings at $2.40 EPS and FY2019 earnings at $3.05 EPS.
ITT Corp. (NYSE:ITT) last posted its quarterly earnings results on Friday, November 4th. The company reported $0.58 earnings per share for the quarter, hitting the consensus estimate of $0.58. The company earned $582 million during the quarter, compared to the consensus estimate of $582.12 million. ITT Corp. had a return on equity of 15.41% and a net margin of 7.93%. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 EPS.
Other analysts have also issued research reports about the company. KeyCorp upgraded ITT Corp. from a “sector weight” rating to an “overweight” rating and set a $40.00 price objective for the company in a report on Monday. They noted that the move was a valuation call. Barclays PLC restated a “buy” rating on shares of ITT Corp. in a research note on Monday. Zacks Investment Research lowered ITT Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $40.57.
ITT Corp. (NYSE:ITT) opened at 35.67 on Tuesday. ITT Corp. has a 1-year low of $29.15 and a 1-year high of $40.12. The company has a market cap of $3.18 billion, a P/E ratio of 16.35 and a beta of 1.38. The stock’s 50 day moving average price is $34.77 and its 200 day moving average price is $34.65.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be paid a dividend of $0.124 per share. The ex-dividend date of this dividend is Wednesday, December 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.39%. ITT Corp.’s payout ratio is currently 22.94%.
Several institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its stake in ITT Corp. by 0.9% in the third quarter. California State Teachers Retirement System now owns 198,284 shares of the company’s stock worth $7,106,000 after buying an additional 1,700 shares during the period. HAP Trading LLC acquired a new stake in ITT Corp. during the third quarter worth approximately $945,000. Hancock Holding Co. boosted its stake in ITT Corp. by 35.7% in the third quarter. Hancock Holding Co. now owns 99,380 shares of the company’s stock worth $3,562,000 after buying an additional 26,126 shares during the period. Advisor Group Inc. boosted its stake in ITT Corp. by 40.7% in the third quarter. Advisor Group Inc. now owns 3,852 shares of the company’s stock worth $138,000 after buying an additional 1,114 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in ITT Corp. during the third quarter worth approximately $1,715,000. Institutional investors and hedge funds own 89.37% of the company’s stock.
ITT Corp. 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.
Receive News & Stock Ratings for ITT Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITT Corp. and related stocks with our FREE daily email newsletter.