DA Davidson Equities Analysts Raise Earnings Estimates for ITT Inc. (NYSE:ITT)

ITT Inc. (NYSE:ITTFree Report) – Research analysts at DA Davidson raised their FY2024 earnings estimates for shares of ITT in a research report issued on Wednesday, March 27th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will post earnings of $5.85 per share for the year, up from their previous forecast of $5.70. DA Davidson has a “Buy” rating and a $155.00 price objective on the stock. The consensus estimate for ITT’s current full-year earnings is $5.79 per share.

A number of other brokerages have also recently issued reports on ITT. Stifel Nicolaus upped their price objective on shares of ITT from $122.00 to $131.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. Citigroup upped their price objective on shares of ITT from $122.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, December 11th. Finally, StockNews.com cut shares of ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 6th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $124.57.

Get Our Latest Analysis on ITT

ITT Stock Down 0.6 %

ITT stock opened at $136.03 on Friday. The company’s fifty day simple moving average is $126.14 and its 200-day simple moving average is $113.17. ITT has a 12 month low of $75.82 and a 12 month high of $138.29. The stock has a market cap of $11.17 billion, a P/E ratio of 27.43, a P/E/G ratio of 1.86 and a beta of 1.42.

ITT (NYSE:ITTGet Free Report) last posted its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 EPS for the quarter, meeting the consensus estimate of $1.34. ITT had a net margin of 12.50% and a return on equity of 17.91%. The business had revenue of $829.10 million for the quarter, compared to analysts’ expectations of $814.38 million. During the same period in the previous year, the company posted $1.29 EPS. ITT’s revenue was up 7.0% on a year-over-year basis.

ITT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be given a dividend of $0.319 per share. The ex-dividend date is Thursday, March 7th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.94%. This is a positive change from ITT’s previous quarterly dividend of $0.29. ITT’s dividend payout ratio is currently 25.81%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Natixis Advisors L.P. boosted its stake in ITT by 28.7% in the third quarter. Natixis Advisors L.P. now owns 74,409 shares of the conglomerate’s stock worth $7,286,000 after purchasing an additional 16,614 shares in the last quarter. State of Wyoming lifted its stake in shares of ITT by 20.7% during the second quarter. State of Wyoming now owns 3,266 shares of the conglomerate’s stock valued at $304,000 after acquiring an additional 559 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of ITT by 198.0% during the third quarter. Assenagon Asset Management S.A. now owns 64,364 shares of the conglomerate’s stock valued at $6,302,000 after acquiring an additional 42,767 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in ITT by 0.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,732,008 shares of the conglomerate’s stock valued at $169,581,000 after buying an additional 5,495 shares during the period. Finally, Invesco Ltd. lifted its stake in ITT by 46.6% in the third quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock valued at $60,130,000 after buying an additional 195,111 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

About ITT

(Get Free Report)

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.

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Earnings History and Estimates for ITT (NYSE:ITT)

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