ITT Inc. (NYSE:ITT) declared a quarterly dividend on Wednesday, October 11th, RTT News reports. Shareholders of record on Friday, December 8th will be paid a dividend of 0.128 per share by the conglomerate on Friday, December 29th. This represents a $0.51 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Thursday, December 7th.

ITT has raised its dividend by an average of 7.4% per year over the last three years and has increased its dividend every year for the last 4 years. ITT has a dividend payout ratio of 20.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect ITT to earn $2.97 per share next year, which means the company should continue to be able to cover its $0.51 annual dividend with an expected future payout ratio of 17.2%.

ITT (NYSE ITT) opened at $53.11 on Wednesday. ITT has a 52 week low of $36.93 and a 52 week high of $54.79. The stock has a market cap of $4,735.28, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 1.71 and a beta of 1.59.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, November 2nd. The conglomerate reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.05. ITT had a net margin of 8.29% and a return on equity of 14.12%. The business had revenue of $645.00 million for the quarter, compared to analyst estimates of $605.06 million. During the same quarter in the prior year, the business posted $0.58 EPS. ITT’s revenue for the quarter was up 10.9% compared to the same quarter last year. research analysts forecast that ITT will post 2.53 earnings per share for the current year.

In related news, insider Denise L. Ramos sold 161,100 shares of the stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $50.14, for a total transaction of $8,077,554.00. Following the sale, the insider now directly owns 283,032 shares of the company’s stock, valued at $14,191,224.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas M. Scalera sold 5,000 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $50.98, for a total transaction of $254,900.00. The disclosure for this sale can be found here. Insiders have sold 176,960 shares of company stock worth $8,845,462 over the last three months. 1.20% of the stock is currently owned by insiders.

A number of research analysts have issued reports on ITT shares. 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 research note on Thursday, October 12th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $49.00 price objective on shares of ITT in a report on Wednesday, August 16th. KeyCorp reaffirmed a “buy” rating on shares of ITT in a report on Friday, November 3rd. ValuEngine downgraded shares of ITT from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, Deutsche Bank raised shares of ITT from a “hold” rating to a “buy” rating and upped their price objective for the company from $46.00 to $55.00 in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. ITT presently has an average rating of “Buy” and a consensus target price of $50.88.

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About ITT

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.

Dividend History for ITT (NYSE:ITT)

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