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

ITT (NYSE:ITT - Get Free Report) issued its earnings results on Tuesday. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.03, Briefing.com reports. The company 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 quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company posted $1.37 earnings per share. 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 %

ITT stock traded down $1.28 on Wednesday, hitting $144.78. 659,314 shares of the company were exchanged, compared to its average volume of 385,030. 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 capitalization of $11.83 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. ITT has a twelve month low of $91.94 and a twelve month high of $153.99. The business's fifty day moving average is $142.79 and its two-hundred day moving average is $136.09.

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 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 0.88%. ITT's dividend payout ratio is presently 24.90%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ITT. TD Cowen boosted their price objective 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. KeyCorp upped 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. The Goldman Sachs Group raised their price objective on shares of ITT from $150.00 to $166.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Robert W. Baird reduced their target price on ITT from $165.00 to $163.00 and set an "outperform" rating on the stock in a research note on Wednesday. Finally, Stifel Nicolaus raised their price target on ITT from $157.00 to $167.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $156.11.

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.