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

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

ITT Price Performance

Shares of NYSE ITT opened at $144.78 on Thursday. 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 fifty-two week low of $91.94 and a fifty-two week high of $153.99. The stock has a market capitalization of $11.83 billion, a PE ratio of 28.39, a P/E/G ratio of 1.92 and a beta of 1.40. The business has a fifty day moving average price of $142.79 and a two-hundred day moving average price of $136.09.

ITT Announces Dividend

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

Analyst Upgrades and Downgrades

ITT has been the subject of several research analyst reports. Stifel Nicolaus lifted their target price on ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group boosted 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. Robert W. Baird reduced their price target on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research note on Wednesday. TD Cowen boosted their price target on ITT from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, KeyCorp boosted 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. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target 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.