Published on 6 Oct 2023 on Zacks via Yahoo Finance
ITT's Board Approves New $1B Share Buyback Authorization
ITT Inc.’s ITT board has approved a $1 billion share repurchase program for an indefinite time. The program will be effective upon expiration of the current $500 million authorization.ITT has been committed to rewarding its shareholders through dividends and share buybacks. In the first six months of 2023, dividend payments totaled $48.1 million and share repurchases were $60 million. In February, the company hiked its dividend by 10%. In 2022, ITT bought back shares worth $245.3 million and paid out dividends of $87.9 million.Apart from announcing a new share buyback program, ITT has elected Nazzic Keene and Kevin Berryman to its board of directors.
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