ITT (NYSE:ITT) Releases Earnings Results, Beats Estimates By $0.02 EPS

ITT (NYSE:ITT – Get Rating) posted its earnings results on Thursday. The conglomerate reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02, Briefing.com reports. The firm had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. ITT had a net margin of 10.92% and a return on equity of 15.90%. The company’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the firm posted $0.94 EPS. ITT updated its FY 2022 guidance to $4.35-$4.65 EPS and its FY22 guidance to $4.35-4.65 EPS.

ITT Stock Up 1.7 %

Shares of NYSE ITT traded up $1.33 during midday trading on Friday, hitting $78.37. The company had a trading volume of 505,932 shares, compared to its average volume of 621,565. ITT has a twelve month low of $63.77 and a twelve month high of $105.54. The business has a 50-day simple moving average of $70.04 and a two-hundred day simple moving average of $76.27. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 22.14, a price-to-earnings-growth ratio of 1.47 and a beta of 1.47.

ITT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be paid a $0.264 dividend. This represents a $1.06 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, September 1st. ITT’s dividend payout ratio (DPR) is 29.94%.

Institutional Trading of ITT

Several hedge funds and other institutional investors have recently made changes to their positions in ITT. American Century Companies Inc. lifted its stake in shares of ITT by 10.5% in the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock valued at $696,000 after purchasing an additional 878 shares during the period. Panagora Asset Management Inc. raised its position in ITT by 9.5% during the first quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock worth $1,264,000 after acquiring an additional 1,462 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in ITT by 10.5% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock worth $2,359,000 after acquiring an additional 2,992 shares during the last quarter. Great West Life Assurance Co. Can raised its position in ITT by 3.5% during the first quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after acquiring an additional 2,592 shares during the last quarter. Finally, Synovus Financial Corp raised its position in ITT by 1.2% during the first quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock worth $1,330,000 after acquiring an additional 208 shares during the last quarter. Institutional investors and hedge funds own 95.64% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on ITT shares. Stifel Nicolaus dropped their target price on shares of ITT from $107.00 to $91.00 and set a “buy” rating on the stock in a research report on Monday, April 18th. Bank of America downgraded shares of ITT from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $113.00 to $74.00 in a research report on Monday, July 11th. Cowen lowered their price objective on shares of ITT from $105.00 to $92.00 in a research report on Monday, June 13th. The Goldman Sachs Group lowered their price objective on shares of ITT from $109.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 7th. Finally, TheStreet downgraded shares of ITT from a “b-” rating to a “c+” rating in a research report on Monday, July 11th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.00.

ITT Company Profile

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.