ITT Inc. (NYSE:ITT) Announces Quarterly Dividend of $0.35

Key Points

• ITT Inc. has announced a quarterly dividend of $0.35 per share, payable on September 29, 2023, to investors of record as of September 2, 2023.
• The company's dividend payout ratio is 19.6%, indicating that the dividend is well-supported by earnings, with expected earnings of $7.14 per share for the next year.
• In its latest earnings report, ITT exceeded expectations with an EPS of $1.64 and revenues of $972.40 million, a 7.3% increase year-over-year.

ITT Inc. (NYSE:ITT - Get Free Report) announced a quarterly dividend on Friday, August 1st, Wall Street Journal reports. Stockholders of record on Tuesday, September 2nd will be paid a dividend of 0.351 per share by the conglomerate on Monday, September 29th. This represents a c) dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, September 2nd.

ITT has a payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Analysts expect ITT to earn $7.14 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 19.6%.

ITT Price Performance

Shares of ITT stock traded down $1.31 during midday trading on Tuesday, hitting $165.64. 128,877 shares of the company traded hands, compared to its average volume of 520,691. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 2.05 and a beta of 1.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.99 and a current ratio of 1.45. The firm's fifty day moving average price is $156.16 and its 200-day moving average price is $145.16. ITT has a 12 month low of $105.64 and a 12 month high of $170.16.

ITT (NYSE:ITT - Get Free Report) last issued its earnings results on Thursday, July 31st. The conglomerate reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.02. The business had revenue of $972.40 million during the quarter, compared to the consensus estimate of $947.48 million. ITT had a return on equity of 18.08% and a net margin of 13.99%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share. As a group, sell-side analysts forecast that ITT will post 6.51 earnings per share for the current year.

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.