ITT Inc (NYSE:ITT) insider Farrokh Batliwala sold 4,400 shares of ITT stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $69.51, for a total value of $305,844.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of NYSE:ITT traded up $0.40 during midday trading on Thursday, reaching $69.07. The company’s stock had a trading volume of 4,948 shares, compared to its average volume of 616,522. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.97 and a beta of 1.60. The firm has a 50 day moving average price of $60.39 and a two-hundred day moving average price of $60.63. ITT Inc has a fifty-two week low of $44.89 and a fifty-two week high of $70.43.
ITT (NYSE:ITT) last announced its quarterly earnings data on Friday, November 1st. The conglomerate reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.07. ITT had a return on equity of 16.92% and a net margin of 11.00%. The company had revenue of $711.90 million for the quarter, compared to the consensus estimate of $707.57 million. During the same period in the previous year, the business earned $0.82 EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that ITT Inc will post 3.74 EPS for the current year.
ITT declared that its board has authorized a share repurchase program on Friday, November 1st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the conglomerate to repurchase up to 8.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be paid a dividend of $0.147 per share. This represents a $0.59 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is Friday, December 6th. ITT’s dividend payout ratio (DPR) is currently 18.27%.
Hedge funds have recently bought and sold shares of the stock. Coastal Investment Advisors Inc. raised its stake in ITT by 1,310.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 423 shares of the conglomerate’s stock worth $27,000 after buying an additional 393 shares during the period. Advisory Services Network LLC raised its stake in ITT by 63.5% during the 2nd quarter. Advisory Services Network LLC now owns 528 shares of the conglomerate’s stock worth $34,000 after buying an additional 205 shares during the period. Private Ocean LLC acquired a new position in ITT during the 2nd quarter worth approximately $43,000. Victory Capital Management Inc. acquired a new position in ITT during the 2nd quarter worth approximately $49,000. Finally, North Star Investment Management Corp. acquired a new position in ITT during the 3rd quarter worth approximately $55,000. 89.43% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have commented on the company. ValuEngine raised ITT from a “sell” rating to a “hold” rating in a report on Friday, November 1st. KeyCorp boosted their price objective on ITT from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday. Oppenheimer set a $72.00 price objective on ITT and gave the company a “buy” rating in a research note on Friday, July 19th. Zacks Investment Research raised ITT from a “sell” rating to a “hold” rating and set a $63.00 price objective on the stock in a research note on Monday, October 14th. Finally, Robert W. Baird set a $75.00 price objective on ITT and gave the company a “buy” rating in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $68.17.
ITT Company Profile
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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