DA Davidson Has Positive Outlook for ITT FY2024 Earnings

ITT Inc. (NYSE:ITT - Free Report) - Investment analysts at DA Davidson upped 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 earn $5.83 per share for the year, up from their prior 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 has been the subject of a number of other reports. Stifel Nicolaus boosted their price target on ITT from $157.00 to $167.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. Robert W. Baird reduced their target price 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 $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday. The Goldman Sachs Group boosted their price target on ITT from $150.00 to $166.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Finally, KeyCorp boosted their price target on ITT from $155.00 to $164.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $157.78.

ITT Stock Performance

NYSE:ITT traded up $0.41 during trading hours on Friday, reaching $140.53. The company had a trading volume of 455,688 shares, compared to its average volume of 386,600. ITT has a 1-year low of $95.53 and a 1-year high of $153.99. The firm has a market cap of $11.45 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. The business's 50 day moving average price is $142.90 and its 200-day moving average price is $136.12. 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 (NYSE:ITT - Get Free Report) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.03. The firm had revenue of $885.20 million for the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 17.98% and a net margin of 13.67%. ITT's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 earnings per share.

ITT Dividend Announcement

The business also recently announced 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. This represents a $1.28 annualized dividend and a yield of 0.91%. The ex-dividend date is Friday, November 29th. ITT's payout ratio is currently 21.84%.

Institutional Trading of ITT

Several large investors have recently added to or reduced their stakes in the stock. Eagle Bluffs Wealth Management LLC grew its holdings in shares of ITT by 0.4% during the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 18,973 shares of the conglomerate's stock worth $2,457,000 after purchasing an additional 82 shares during the period. Tectonic Advisors LLC grew its holdings in shares of ITT by 3.3% during the 3rd quarter. Tectonic Advisors LLC now owns 2,925 shares of the conglomerate's stock worth $437,000 after purchasing an additional 93 shares during the period. AE Wealth Management LLC grew its holdings in shares of ITT by 5.9% during the 2nd quarter. AE Wealth Management LLC now owns 1,802 shares of the conglomerate's stock worth $233,000 after purchasing an additional 100 shares during the period. Quent Capital LLC grew its holdings in shares of ITT by 53.9% during the 3rd quarter. Quent Capital LLC now owns 294 shares of the conglomerate's stock worth $44,000 after purchasing an additional 103 shares during the period. Finally, HBK Sorce Advisory LLC grew its holdings in shares of ITT by 4.7% during the 1st quarter. HBK Sorce Advisory LLC now owns 2,306 shares of the conglomerate's stock worth $314,000 after purchasing an additional 104 shares during the period. 91.59% of the stock is currently owned by hedge funds and other institutional investors.

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.