ITT (NYSE:ITT) issued its earnings results on Friday. The conglomerate reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05, Bloomberg Earnings reports. The business had revenue of $683.60 million for the quarter, compared to analyst estimates of $635.71 million. ITT had a return on equity of 14.12% and a net margin of 8.29%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the company posted $0.48 EPS. ITT updated its FY18 guidance to $2.85-3.15 EPS.
ITT (NYSE:ITT) traded up $1.45 during trading hours on Friday, reaching $53.52. The company’s stock had a trading volume of 1,037,137 shares, compared to its average volume of 647,204. ITT has a one year low of $36.93 and a one year high of $57.62. The stock has a market capitalization of $4,720.00, a price-to-earnings ratio of 23.47, a PEG ratio of 1.41 and a beta of 1.54.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 12th will be given a $0.134 dividend. This is a positive change from ITT’s previous quarterly dividend of $0.13. This represents a $0.54 annualized dividend and a yield of 1.00%. ITT’s dividend payout ratio (DPR) is 22.37%.
ITT declared that its board has approved a stock repurchase plan on Friday, February 16th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the conglomerate to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Large investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of ITT by 1.2% during the second quarter. State Street Corp now owns 2,331,009 shares of the conglomerate’s stock worth $93,659,000 after acquiring an additional 26,802 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of ITT by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 130,192 shares of the conglomerate’s stock worth $5,232,000 after acquiring an additional 2,855 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of ITT by 17.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,120 shares of the conglomerate’s stock worth $246,000 after acquiring an additional 914 shares during the last quarter. Nomura Holdings Inc. increased its position in shares of ITT by 134.4% during the second quarter. Nomura Holdings Inc. now owns 13,460 shares of the conglomerate’s stock worth $541,000 after acquiring an additional 7,718 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in shares of ITT by 2.1% during the second quarter. Ameritas Investment Partners Inc. now owns 26,533 shares of the conglomerate’s stock worth $1,066,000 after acquiring an additional 533 shares during the last quarter. 91.63% of the stock is currently owned by institutional investors.
ITT 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.
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