ITT (NYSE:ITT) Announces Quarterly Earnings Results

ITT (NYSE:ITTGet Rating) announced its quarterly earnings data on Thursday. The conglomerate reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02, Briefing.com reports. ITT had a return on equity of 16.13% and a net margin of 12.01%. The firm had revenue of $733.30 million during the quarter, compared to the consensus estimate of $715.19 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. ITT updated its FY 2022 guidance to $4.35-$4.65 EPS and its FY22 guidance to $4.35-4.65 EPS.

ITT Trading Up 1.7 %

ITT traded up $1.33 on Friday, hitting $78.37. 505,932 shares of the company’s stock traded hands, compared to its average volume of 388,832. The company’s 50 day simple moving average is $70.04 and its 200-day simple moving average is $76.27. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 1.48 and a beta of 1.47. ITT has a one year low of $63.77 and a one year high of $105.54.

ITT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be paid a dividend of $0.264 per share. This represents a $1.06 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, September 1st. ITT’s dividend payout ratio (DPR) is presently 26.63%.

Institutional Trading of ITT

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its holdings in ITT by 4.0% during the 1st quarter. State Street Corp now owns 2,254,374 shares of the conglomerate’s stock valued at $170,136,000 after buying an additional 87,718 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in ITT by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,059,146 shares of the conglomerate’s stock valued at $79,667,000 after buying an additional 6,511 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of ITT by 58.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock worth $68,741,000 after purchasing an additional 336,860 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of ITT by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 719,617 shares of the conglomerate’s stock worth $54,123,000 after purchasing an additional 23,423 shares during the period. Finally, Capital Group Private Client Services Inc. boosted its holdings in shares of ITT by 35.5% in the 1st quarter. Capital Group Private Client Services Inc. now owns 689,486 shares of the conglomerate’s stock worth $51,856,000 after purchasing an additional 180,753 shares during the period. Institutional investors own 95.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ITT shares. KeyCorp decreased their target price on ITT from $100.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. TheStreet downgraded ITT from a “b-” rating to a “c+” rating in a report on Monday, July 11th. DA Davidson decreased their price objective on ITT from $110.00 to $100.00 and set a “buy” rating for the company in a report on Tuesday, June 21st. Robert W. Baird decreased their price objective on ITT from $90.00 to $84.00 in a report on Wednesday, May 4th. Finally, Bank of America cut ITT from a “buy” rating to a “neutral” rating and cut their target price for the stock from $113.00 to $74.00 in a research note on Monday, July 11th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

About ITT

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.

Further Reading

Earnings History for ITT (NYSE:ITT)

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