Dividend Yields for (BA) (SNA) (TYC) (GWW) (ITT)

Indicated dividend yields for Standard & Poor's 500 Index companies Boeing Co (BA), Snap-On Inc (SNA), Tyco International Ltd (TYC), WW Grainger Inc (GWW) and ITT Corp (ITT).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

Boeing Co (BA) has a dividend yield of 2.11 percent on a declared dividend of $0.42. The payout ratio is 53.1 percent.

Snap-On Inc (SNA) has a dividend yield of 2.07 percent on a declared dividend of $0.32. The payout ratio is 33.6 percent.

Tyco International Ltd (TYC) has a dividend yield of 2.05 percent on a declared dividend of $0.25. The payout ratio is 37.0 percent.

WW Grainger Inc (GWW) has a dividend yield of 1.74 percent on a declared dividend of $0.66. The payout ratio is 36.7 percent.

ITT Corp (ITT) has a dividend yield of 1.73 percent on a declared dividend of $0.25. The payout ratio is 36.7 percent.

ITT (NYSE:ITT) Spin Considered a Positive by FBR

The announcement that ITT Corp. (NYSE:ITT) is going to spin off into three different companies was a positive surprise, according to FBR Capital.

They said, "In a positive but somewhat surprising announcement, ITT outlined plans to separate into three publicly held companies through a tax-free spin. The three companies would separate broadly along the lines of existing segments to form pure-play Defense (roughly 50% of 2011 revenues), Water (36%), and Industrial (14%) companies. The key driver behind this decision, in our view, is the company’s unusually depressed valuation; over the past several quarters, ITT’s shares have traded at a sharp -21% P/E discount to Multi-Industry peers primarily due to concerns in Defense. While the breakup is certainly a positive from a value-unlocking perspective, the timing is somewhat surprising given management’s recently articulated strategy to start a new growth platform/“fourth-leg.”"

ITT was trading at $60.33, down $1.17, or 1.90 percent, as of 12:41 PM EST. FBR has a price target of $61 on them, and maintains a "Market Perform" rating on the company.

ITT Corp (NYSE:ITT) Soars on News Company Splitting

The announcement by ITT Corporation (NYSE:ITT) that they are going to split into three companies has resulted in the share price of the company skyrocketing Wednesday, the highest level they have traded at since fall of 2008.

The split of the company will be as follows: ITT will continue on as a firm serving the industrial engineering, energy and aerospace sector. Another company will focus on defense equipment, and the third company will build water pumps.

In December ITT said their water pumps business and transportation markets would drive 2011 earnings for the company. Defense spending on the other hand will plunge for the year, making ITT a stronger company, but obviously a weight on the new defense entity spinning from them.

Water sales generated revenue of $3.4 billion in 2009. Defense drove sales of $6.3 billion in the same year. Announced military budget cuts make that a weakened segment of the company going forward.

Shareholders will end up owning shares of stock in all three companies once they're split. It is presumed they'll all trade on the New York Stock Exchange.

After the spin-offs, existing CFO Denise Ramos will be CEO of the new ITT. Heading up the defense business will be David Melcher, and the water business will be run by Gretchen McClain, who is now president of the fluid and motion businesses.

ITT said the move "creates substantial value for shareholders as the higher growth segments will likely receive appropriate multiples. Despite the significant appreciation, we believe investors are likely to see further appreciation throughout the year...."

Wedbush increased their price target on ITT from $58 to $70.

ITT was trading at $60.79, up $8.01, or 15.18 percent, as of 3:01 PM EST.