ITT Inc. to Post Q2 2024 Earnings of $1.44 Per Share, DA Davidson Forecasts (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Research analysts at DA Davidson issued their Q2 2024 earnings estimates for ITT in a research note issued to investors on Monday, May 6th. DA Davidson analyst M. Summerville forecasts that the conglomerate will earn $1.44 per share for the quarter. DA Davidson currently has a “Buy” rating and a $155.00 target price on the stock. The consensus estimate for ITT’s current full-year earnings is $5.80 per share.

ITT (NYSE:ITT) last released its earnings results on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.06. The firm had revenue of $910.60 million during the quarter, compared to analysts’ expectations of $883.21 million. ITT had a return on equity of 18.21% and a net margin of 12.41%. The company’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 EPS.

A number of other equities analysts also recently weighed in on ITT. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. KeyCorp increased their target price on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Citigroup raised their target price on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Stifel Nicolaus boosted their price target on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Eight 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 a consensus price target of $135.57.

ITT Stock Up 2.4 %

NYSE:ITT opened at $134.63 on Tuesday. The stock has a 50-day simple moving average of $129.75 and a 200 day simple moving average of $119.36. ITT has a 52-week low of $75.82 and a 52-week high of $138.29. The company has a market cap of $11.08 billion, a PE ratio of 26.40, a PEG ratio of 1.76 and a beta of 1.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.59.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a yield of 0.95%. The ex-dividend date is Monday, June 3rd. ITT’s dividend payout ratio (DPR) is currently 25.10%.

Institutional Trading of ITT

A number of large investors have recently added to or reduced their stakes in the company. Natixis Advisors L.P. raised its holdings in shares of ITT by 28.7% in the 3rd quarter. Natixis Advisors L.P. now owns 74,409 shares of the conglomerate’s stock valued at $7,286,000 after purchasing an additional 16,614 shares during the period. Assenagon Asset Management S.A. raised its stake in ITT by 198.0% in the third quarter. Assenagon Asset Management S.A. now owns 64,364 shares of the conglomerate’s stock valued at $6,302,000 after buying an additional 42,767 shares during the period. Raymond James & Associates lifted its position in shares of ITT by 17.0% in the fourth quarter. Raymond James & Associates now owns 74,618 shares of the conglomerate’s stock valued at $8,903,000 after buying an additional 10,853 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of 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 last quarter. Finally, Invesco Ltd. boosted its stake in shares of ITT by 46.6% during the 3rd 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. Institutional investors and hedge funds own 91.59% of the company’s stock.

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.