Brokers Offer Predictions for ITT Inc.’s Q1 2024 Earnings (NYSE:ITT)
ITT Inc. (NYSE:ITT – Free Report) – Research analysts at DA Davidson raised their Q1 2024 earnings estimates for shares of ITT in a note issued to investors on Wednesday, March 27th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will earn $1.40 per share for the quarter, up from their prior estimate of $1.35. 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 $5.76 per share. DA Davidson also issued estimates for ITT’s FY2025 earnings at $6.75 EPS.
Several other research analysts have also commented on ITT. Stifel Nicolaus increased their price target on shares of ITT from $122.00 to $131.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. Citigroup raised 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 downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 6th. Eight equities 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 a consensus price target of $124.57.
View Our Latest Research Report on ITT
ITT Stock Performance
ITT stock opened at $136.03 on Thursday. The firm has a market cap of $11.17 billion, a PE ratio of 27.43, a P/E/G ratio of 1.89 and a beta of 1.42. The firm’s 50 day moving average price is $125.80 and its two-hundred day moving average price is $112.84. ITT has a twelve month low of $75.82 and a twelve month high of $138.29.
ITT (NYSE:ITT – Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $814.38 million. During the same quarter in the previous year, the business earned $1.29 earnings per share. The firm’s revenue was up 7.0% compared to the same quarter last year.
ITT Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be issued a dividend of $0.319 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Thursday, March 7th. This is a positive change from ITT’s previous quarterly dividend of $0.29. ITT’s payout ratio is presently 25.81%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of ITT. American Century Companies Inc. boosted its position in shares of ITT by 10.5% during the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock valued at $696,000 after buying an additional 878 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in ITT by 9.5% in the first quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock valued at $1,264,000 after acquiring an additional 1,462 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in ITT by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock valued at $2,359,000 after acquiring an additional 2,992 shares during the period. Great West Life Assurance Co. Can raised its stake in shares of ITT by 3.5% in the first quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after buying an additional 2,592 shares during the period. Finally, Synovus Financial Corp raised its stake in shares of ITT by 1.2% in the first quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock worth $1,330,000 after buying an additional 208 shares during the period. Hedge funds and other institutional investors 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.
See Also
Receive News & Ratings for ITT Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for ITT and related companies with MarketBeat.com’s FREE daily email newsletter.
