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
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
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.
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