ITT Inc. (NYSE:ITT) Declares Quarterly Dividend of $0.32

ITT Inc. (NYSE:ITT) announced a quarterly dividend on Tuesday, October 29th, Zacks reports. Investors of record on Friday, November 29th will be paid a dividend of 0.319 per share by the conglomerate on Tuesday, December 31st. This represents a $1.28 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, November 29th.

ITT has increased its dividend payment by an average of 19.7% annually over the last three years. ITT has a dividend payout ratio of 19.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect ITT to earn $6.51 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 19.7%.

ITT Stock Performance

ITT traded down $1.51 on Wednesday, reaching $144.55. The company had a trading volume of 101,532 shares, compared to its average volume of 382,303. ITT has a 1 year low of $91.94 and a 1 year high of $153.99. The stock has a market capitalization of $11.81 billion, a PE ratio of 28.64, a P/E/G ratio of 1.92 and a beta of 1.40. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $142.60 and a 200-day moving average price of $136.03.

ITT (NYSE:ITT) last announced its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. During the same period in the previous year, the company earned $1.37 earnings per share. ITT’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, research analysts forecast that ITT will post 5.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on ITT. The Goldman Sachs Group lifted their price objective on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. TD Cowen lifted their price objective on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Robert W. Baird dropped their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research note on Wednesday. Stifel Nicolaus lifted their price objective on shares of ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, KeyCorp lifted their price objective on shares of ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $156.11.

About ITT

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.