Research Analysts Set Expectations for ITT FY2024 Earnings

ITT Inc. (NYSE:ITT) – Research analysts at DA Davidson lifted their FY2024 earnings per share (EPS) estimates for ITT in a report issued on Wednesday, October 30th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will post earnings per share of $5.83 for the year, up from their previous forecast of $5.78. The consensus estimate for ITT’s current full-year earnings is $5.82 per share. DA Davidson also issued estimates for ITT’s FY2025 earnings at $6.55 EPS.

ITT (NYSE:ITT) last announced its quarterly earnings data on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.03. The business had revenue of $885.20 million for the quarter, compared to analysts’ expectations of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the firm earned $1.37 earnings per share.

Several other analysts have also recently issued reports on the company. TD Cowen increased their price objective on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday. Robert W. Baird cut their price target on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research note on Wednesday. KeyCorp raised their price target on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Stifel Nicolaus raised their price target on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their price target on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, ITT presently has an average rating of “Buy” and a consensus target price of $157.78.

ITT Stock Up 0.3 %

Shares of NYSE ITT opened at $140.53 on Friday. The stock has a market cap of $11.45 billion, a P/E ratio of 23.98, a PEG ratio of 1.92 and a beta of 1.40. The company has a current ratio of 1.58, a quick ratio of 1.10 and a debt-to-equity ratio of 0.17. ITT has a 12-month low of $95.53 and a 12-month high of $153.99. The business’s fifty day simple moving average is $142.94 and its 200-day simple moving average is $136.20.

Institutional Trading of ITT

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mawer Investment Management Ltd. purchased a new position in shares of ITT during the second quarter worth about $49,043,000. Select Equity Group L.P. grew its holdings in shares of ITT by 11.7% during the second quarter. Select Equity Group L.P. now owns 3,340,392 shares of the conglomerate’s stock worth $431,512,000 after buying an additional 351,206 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of ITT by 73.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock worth $92,751,000 after buying an additional 288,671 shares during the last quarter. Millennium Management LLC grew its holdings in shares of ITT by 200.4% during the second quarter. Millennium Management LLC now owns 393,429 shares of the conglomerate’s stock worth $50,823,000 after buying an additional 262,470 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of ITT by 115.6% during the second quarter. AQR Capital Management LLC now owns 245,676 shares of the conglomerate’s stock worth $31,717,000 after buying an additional 131,708 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, November 29th. ITT’s dividend payout ratio (DPR) is currently 21.67%.

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.