ITT Inc. (ITT) will raise its quarterly dividend by 30.2 percent to 22 cents per share in 2021. This follows a dividend hike of 15.0 percent to $0.169 per share in the first quarter of 2020. This marks the 9th consecutive year of annual dividend increases by the company.
The next dividend will be payable on April 5, 2021, to shareholders of record as of the close of business on March 17, 2021. A new annual dividend of 88 cents per share yields 1.1% at a stock price of $78.40.
In the press release announcing Q4 2020 results Luca Savi, Chief Executive Officer and President of ITT Inc. said the following about the dividend: Our execution and commitment to our customers delivered great results to end a challenging year. We have a robust balance sheet with the ability to deploy ample capital in 2021 toward growth investments, dividends, share repurchases and intensified M&A, whilst we continue to win in the marketplace as demonstrated by our significant new platform awards. I remain confident that the future of ITT is as bright as ever, and I look forward to sharing our progress with the investment community in 2021.”
ITT is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. The company manufactures components that are integral to the operation of systems and manufacturing processes in these markets. ITT's 3 segments are: Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). MT produces friction and shock and vibration equipment; IP delivers industrial flow equipment and services; and CCT produces electronic connectors, fluid handling, motion control, and noise and energy absorption products. The company's key brands include ITT Friction Technologies, Axtone, KONI, Wolverine Advanced Materials, Goulds Pumps, PRO Services, Bornemann, C'treat, Engineered Valves, i-Alert, Cannon, Aerospace Controls, VEAM, Enidine, Conoflow, BIW Connector Systems, Compact Automation and Neo-Dyn Process Controls. The original International Telephone & Telegraph was created in 1920 by two brothers named Sosthenes and Hernand Behn who set out to build the first worldwide system of interconnected telephone lines.