ITT Inc to Post FY2019 Earnings of $3.62 Per Share, Oppenheimer Forecasts (NYSE:ITT)
ITT Inc (NYSE:ITT) – Analysts at Oppenheimer cut their FY2019 earnings estimates for ITT in a research report issued to clients and investors on Wednesday, October 16th. Oppenheimer analyst B. Blair now expects that the conglomerate will earn $3.62 per share for the year, down from their previous estimate of $3.65. Oppenheimer has a “Buy” rating and a $72.00 price objective on the stock. Oppenheimer also issued estimates for ITT’s Q4 2019 earnings at $0.86 EPS and FY2020 earnings at $4.10 EPS.
ITT (NYSE:ITT) last released its quarterly earnings data on Friday, August 2nd. The conglomerate reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.04. The business had revenue of $719.90 million during the quarter, compared to analysts’ expectations of $703.80 million. ITT had a net margin of 10.85% and a return on equity of 16.68%. During the same period in the prior year, the company earned $0.82 EPS.
ITT stock opened at $60.22 on Monday. The company has a 50 day simple moving average of $59.25 and a 200 day simple moving average of $60.50. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 1.73 and a beta of 1.60. ITT has a 1 year low of $44.89 and a 1 year high of $66.88.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio boosted its stake in ITT by 8.1% during the third quarter. Strs Ohio now owns 6,231 shares of the conglomerate’s stock worth $381,000 after acquiring an additional 467 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ITT by 6.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,207 shares of the conglomerate’s stock worth $380,000 after acquiring an additional 367 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in ITT by 8.3% during the third quarter. Envestnet Asset Management Inc. now owns 26,265 shares of the conglomerate’s stock worth $1,607,000 after acquiring an additional 2,009 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in ITT by 0.8% during the third quarter. Nisa Investment Advisors LLC now owns 24,050 shares of the conglomerate’s stock worth $1,472,000 after acquiring an additional 200 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in ITT by 14.6% during the third quarter. Meeder Asset Management Inc. now owns 5,006 shares of the conglomerate’s stock worth $306,000 after acquiring an additional 637 shares in the last quarter. Hedge funds and other institutional investors own 89.60% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $0.147 dividend. This represents a $0.59 annualized dividend and a yield of 0.98%. The ex-dividend date is Friday, December 6th. ITT’s dividend payout ratio (DPR) is currently 18.27%.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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