DA Davidson Has Optimistic Outlook of ITT FY2024 Earnings

ITT Inc. (NYSE:ITT) – Equities researchers at DA Davidson boosted their FY2024 EPS estimates for shares of ITT in a research report issued to clients and investors on Wednesday, October 30th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will earn $5.83 per share for the year, up from their prior estimate 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 posted its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.03. ITT had a net margin of 13.67% and a return on equity of 17.98%. The firm had revenue of $885.20 million during the quarter, compared to analysts’ expectations of $884.50 million. During the same period in the prior year, the company posted $1.37 earnings per share. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis.

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

ITT Stock Up 0.3 %

ITT opened at $140.53 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.58 and a quick ratio of 1.10. ITT has a 12 month low of $95.53 and a 12 month high of $153.99. The stock has a market capitalization of $11.45 billion, a P/E ratio of 23.98, a P/E/G ratio of 1.86 and a beta of 1.41. The business has a 50 day simple moving average of $142.94 and a 200-day simple moving average of $136.20.

Hedge Funds Weigh In On ITT

A number of hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in shares of ITT during the 3rd quarter worth about $26,000. Lynx Investment Advisory purchased a new stake in ITT during the second quarter worth approximately $27,000. Headlands Technologies LLC acquired a new stake in shares of ITT in the second quarter worth $32,000. UMB Bank n.a. raised its stake in shares of ITT by 315.8% in the 3rd quarter. UMB Bank n.a. now owns 237 shares of the conglomerate’s stock valued at $35,000 after acquiring an additional 180 shares during the period. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of ITT during the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Dividend Announcement

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 given a $0.319 dividend. The ex-dividend date is Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.91%. ITT’s dividend payout ratio is presently 21.84%.

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.