ITT Inc. (NYSE:ITT – Get Free Report) declared a quarterly dividend on Thursday, February 8th, RTT News reports. Stockholders of record on Friday, March 8th will be given a dividend of 0.319 per share by the conglomerate on Monday, April 1st. This represents a $1.28 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, March 7th. This is an increase from ITT’s previous quarterly dividend of $0.29.
ITT has raised its dividend payment by an average of 19.7% annually over the last three years and has raised its dividend every year for the last 11 years. ITT has a dividend payout ratio of 17.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect ITT to earn $5.85 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 19.8%.
ITT Trading Down 4.7 %
ITT opened at $119.82 on Friday. The stock’s 50-day moving average price is $117.86 and its 200 day moving average price is $105.98. ITT has a 12-month low of $75.82 and a 12-month high of $127.13. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 1.64 and a beta of 1.44.
Insider Transactions at ITT
Institutional Trading of ITT
Several institutional investors and hedge funds have recently bought and sold shares of ITT. KB Financial Partners LLC acquired a new position in ITT in the first quarter valued at $36,000. Northwestern Mutual Wealth Management Co. increased its position in ITT by 15.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,271 shares of the conglomerate’s stock valued at $103,000 after acquiring an additional 172 shares during the period. International Assets Investment Management LLC purchased a new stake in ITT during the 4th quarter valued at approximately $157,000. CIBC Asset Management Inc acquired a new stake in ITT during the 2nd quarter worth approximately $211,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of ITT in the 2nd quarter valued at approximately $216,000. Hedge funds and other institutional investors own 90.73% of the company’s stock.
Analyst Upgrades and Downgrades
ITT has been the subject of several recent research reports. Citigroup raised their price objective on shares of ITT from $122.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, December 11th. Stifel Nicolaus upped their price objective on ITT from $122.00 to $131.00 and gave the stock a “buy” rating in a research report on Tuesday, December 19th. StockNews.com lowered ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Bank of America upgraded ITT from a “neutral” rating to a “buy” rating and upped their price target for the stock from $105.00 to $125.00 in a report on Thursday, November 16th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT currently has an average rating of “Buy” and an average target price of $117.43.
ITT Company Profile
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.
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