ITT Inc. (NYSE:ITT) Raises Dividend to $0.35 Per Share

ITT Inc. (NYSE:ITT) declared a quarterly dividend on Thursday, February 6th,RTT News reports. Stockholders of record on Thursday, March 6th will be given a dividend of 0.351 per share by the conglomerate on Monday, March 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.96%. This is a boost from ITT’s previous quarterly dividend of $0.32.

ITT has increased its dividend by an average of 13.2% per year over the last three years. ITT has a payout ratio of 18.0% meaning its dividend is sufficiently covered by earnings. Analysts expect ITT to earn $6.48 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 19.8%.

ITT Trading Down 2.2 %

NYSE ITT opened at $146.30 on Friday. The company has a fifty day simple moving average of $148.05 and a two-hundred day simple moving average of $144.78. The stock has a market cap of $11.92 billion, a P/E ratio of 24.97, a P/E/G ratio of 1.81 and a beta of 1.41. ITT has a 12-month low of $118.58 and a 12-month high of $161.13. The company has a current ratio of 1.58, a quick ratio of 1.09 and a debt-to-equity ratio of 0.17.

ITT (NYSE:ITT) last issued its earnings results on Thursday, February 6th. The conglomerate reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.02. ITT had a net margin of 13.67% and a return on equity of 17.98%. On average, analysts forecast that ITT will post 5.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. StockNews.com lowered shares of ITT from a “buy” rating to a “hold” rating in a research report on Wednesday. Robert W. Baird lowered their price target on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Stifel Nicolaus lowered their price target on shares of ITT from $180.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Finally, TD Cowen boosted their price target on shares of ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, ITT has a consensus rating of “Moderate Buy” and an average price target of $167.13.

ITT Company Profile

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.