ITT (NYSE:ITT) Releases FY24 Earnings Guidance

ITT (NYSE:ITT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $5.80-5.86 for the period, compared to the consensus earnings per share estimate of $5.84. The company issued revenue guidance of +10-12% yr/yr to ~$3.61-3.68 billion, compared to the consensus revenue estimate of $3.63 billion. ITT also updated its FY 2024 guidance to 5.800-5.860 EPS.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stifel Nicolaus upped their price objective on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. KeyCorp lifted their price objective on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group raised their target price on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. TD Cowen boosted their price target on ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Robert W. Baird lowered their target price on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research note on Wednesday. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $156.11.

ITT Trading Down 0.8 %

ITT traded down $1.20 during trading hours on Wednesday, reaching $144.86. The company’s stock had a trading volume of 307,957 shares, compared to its average volume of 383,301. The business’s 50-day moving average is $142.60 and its 200-day 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. The stock has a market cap of $11.84 billion, a PE ratio of 28.38, a P/E/G ratio of 1.92 and a beta of 1.40. ITT has a fifty-two week low of $91.94 and a fifty-two week high of $153.99.

ITT (NYSE:ITT) last issued 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. ITT had a net margin of 12.47% and a return on equity of 18.30%. The firm had revenue of $885.20 million for the quarter, compared to analyst estimates of $884.50 million. During the same period in the previous year, the firm earned $1.37 EPS. ITT’s revenue was up 7.7% on a year-over-year basis. As a group, equities research analysts predict that ITT will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

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

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.