ITT Inc. (ITT) to Issue Quarterly Dividend of $0.13 on December 29th
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.
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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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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