ITT Inc (NYSE:ITT) – Investment analysts at Oppenheimer boosted their Q3 2020 earnings per share estimates for shares of ITT in a note issued to investors on Tuesday, October 13th. Oppenheimer analyst B. Blair now forecasts that the conglomerate will earn $0.66 per share for the quarter, up from their previous forecast of $0.65. Oppenheimer has a “Outperform” rating and a $72.00 price objective on the stock. Oppenheimer also issued estimates for ITT’s Q4 2020 earnings at $0.74 EPS and FY2021 earnings at $3.30 EPS.
ITT (NYSE:ITT) last posted its quarterly earnings data on Friday, July 31st. The conglomerate reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.21. ITT had a net margin of 12.26% and a return on equity of 14.40%. The firm had revenue of $514.70 million for the quarter, compared to analysts’ expectations of $515.49 million. During the same period in the previous year, the company posted $0.93 EPS. The company’s quarterly revenue was down 28.5% compared to the same quarter last year.
Several other research firms have also recently commented on ITT. William Blair restated a “market perform” rating on shares of ITT in a report on Monday, August 3rd. KeyCorp boosted their price target on shares of ITT from $65.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $67.43.
NYSE ITT opened at $64.66 on Friday. The firm’s 50 day moving average price is $61.86 and its two-hundred day moving average price is $56.74. ITT has a twelve month low of $35.41 and a twelve month high of $75.56. The stock has a market cap of $5.59 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 3.28 and a beta of 1.59.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Monday, December 7th will be paid a $0.169 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, December 4th. ITT’s payout ratio is presently 17.85%.
Several hedge funds have recently added to or reduced their stakes in ITT. FMR LLC lifted its stake in shares of ITT by 21.9% in the 2nd quarter. FMR LLC now owns 6,779,718 shares of the conglomerate’s stock valued at $398,241,000 after purchasing an additional 1,218,406 shares during the last quarter. Wells Fargo & Company MN lifted its position in ITT by 37.9% during the 1st quarter. Wells Fargo & Company MN now owns 1,003,331 shares of the conglomerate’s stock worth $45,511,000 after acquiring an additional 275,502 shares during the last quarter. Balyasny Asset Management LLC acquired a new position in ITT during the 2nd quarter worth $14,661,000. Schonfeld Strategic Advisors LLC lifted its position in ITT by 1,513.9% during the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 164,621 shares of the conglomerate’s stock worth $9,671,000 after acquiring an additional 154,421 shares during the last quarter. Finally, Bank of Nova Scotia lifted its position in ITT by 828.0% during the 2nd quarter. Bank of Nova Scotia now owns 156,912 shares of the conglomerate’s stock worth $9,217,000 after acquiring an additional 140,003 shares during the last quarter. 90.80% of the stock is owned by institutional investors and hedge funds.
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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