Research Analysts Offer Predictions for ITT Inc.’s Q1 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Investment analysts at Zacks Research boosted their Q1 2024 EPS estimates for shares of ITT in a research report issued to clients and investors on Tuesday, April 30th. Zacks Research analyst R. Department now anticipates that the conglomerate will post earnings of $1.35 per share for the quarter, up from their prior forecast of $1.34. The consensus estimate for ITT’s current full-year earnings is $5.80 per share. Zacks Research also issued estimates for ITT’s FY2024 earnings at $5.69 EPS, Q2 2025 earnings at $1.59 EPS, FY2025 earnings at $6.48 EPS and FY2026 earnings at $7.46 EPS.

ITT (NYSE:ITT) last issued its quarterly earnings data on Thursday, February 8th. The conglomerate reported $1.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.34. The firm had revenue of $829.10 million for the quarter, compared to the consensus estimate of $814.38 million. ITT had a net margin of 12.50% and a return on equity of 17.91%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.29 EPS.

A number of other analysts have also recently commented on ITT. DA Davidson lifted their target price on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. StockNews.com cut shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Stifel Nicolaus lifted their price objective on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. KeyCorp lifted their price objective on shares of ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Citigroup lifted their price objective on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ITT presently has an average rating of “Buy” and an average price target of $135.57.

ITT Stock Down 3.7 %

ITT stock opened at $124.55 on Thursday. The firm has a 50 day moving average of $129.41 and a 200 day moving average of $118.29. The stock has a market capitalization of $10.25 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. ITT has a 52 week low of $75.82 and a 52 week high of $138.29.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 1.02%. ITT’s payout ratio is presently 25.81%.

Hedge Funds Weigh In On ITT

Large investors have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. raised its position in ITT by 28.7% during the third quarter. Natixis Advisors L.P. now owns 74,409 shares of the conglomerate’s stock worth $7,286,000 after acquiring an additional 16,614 shares during the period. Assenagon Asset Management S.A. raised its position in ITT by 198.0% during the third quarter. Assenagon Asset Management S.A. now owns 64,364 shares of the conglomerate’s stock worth $6,302,000 after acquiring an additional 42,767 shares during the period. Raymond James & Associates raised its position in ITT by 17.0% during the fourth quarter. Raymond James & Associates now owns 74,618 shares of the conglomerate’s stock worth $8,903,000 after acquiring an additional 10,853 shares during the period. Massachusetts Financial Services Co. MA raised its position in ITT by 0.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,732,008 shares of the conglomerate’s stock worth $169,581,000 after acquiring an additional 5,495 shares during the period. Finally, Invesco Ltd. raised its position in ITT by 46.6% during the third quarter. Invesco Ltd. now owns 614,131 shares of the conglomerate’s stock worth $60,130,000 after acquiring an additional 195,111 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Company Profile

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.