ITT (NYSE:ITT) Announces Quarterly Earnings Results

ITT (NYSE:ITT) released its earnings results on Tuesday. The conglomerate reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.03, Briefing.com reports. ITT had a return on equity of 17.98% and a net margin of 13.67%. The business had revenue of $885.20 million for the quarter, compared to the consensus estimate of $884.50 million. During the same quarter last year, the business posted $1.37 earnings per share. The business’s quarterly revenue 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

NYSE:ITT opened at $140.12 on Friday. The company has a market capitalization of $11.42 billion, a P/E ratio of 23.91, a P/E/G ratio of 1.92 and a beta of 1.40. The company has a quick ratio of 1.10, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. ITT has a 52 week low of $91.94 and a 52 week high of $153.99. The stock’s fifty day moving average is $142.90 and its two-hundred day moving average is $136.12.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, November 29th will be issued a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date is Friday, November 29th. ITT’s dividend payout ratio is presently 21.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ITT shares. The Goldman Sachs Group raised their price objective on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a report on Thursday, October 10th. KeyCorp raised their price target on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Robert W. Baird dropped their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research note on Wednesday. Stifel Nicolaus raised their target price on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, TD Cowen upped their price target on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $157.78.

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.