ITT (NYSE:ITT) Posts Earnings Results, Beats Expectations By $0.03 EPS

ITT (NYSE:ITT) announced its earnings results on Tuesday. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03, Briefing.com reports. The business had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the company posted $1.37 EPS. ITT updated its FY 2024 guidance to 5.800-5.860 EPS and its FY24 guidance to $5.80-5.86 EPS.

ITT Trading Down 0.9 %

Shares of NYSE ITT traded down $1.35 during mid-day trading on Wednesday, hitting $144.71. The company’s stock had a trading volume of 124,606 shares, compared to its average volume of 382,484. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. The company’s fifty day simple moving average is $142.60 and its 200-day simple moving average is $136.03. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.10. ITT has a one year low of $91.94 and a one year high of $153.99.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be paid a $0.319 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s dividend payout ratio (DPR) is presently 24.90%.

Analysts Set New Price Targets

ITT has been the subject of a number of recent analyst reports. TD Cowen increased their target price on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Stifel Nicolaus increased their price objective on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Robert W. Baird decreased their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a report on Wednesday. The Goldman Sachs Group increased their price objective on shares of ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, KeyCorp increased their price objective on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $156.11.

ITT Company Profile

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.