ITT (NYSE:ITT – Get Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.35-$4.65 for the period, compared to the consensus estimate of $4.36. The company issued revenue guidance of $2.96 billion-$3.01 billion, compared to the consensus revenue estimate of $2.97 billion. ITT also updated its FY22 guidance to $4.35-4.65 EPS.
ITT Price Performance
Shares of ITT traded up $1.33 on Friday, reaching $78.37. The company’s stock had a trading volume of 505,932 shares, compared to its average volume of 388,832. The stock has a market capitalization of $6.54 billion, a P/E ratio of 19.69, a PEG ratio of 1.48 and a beta of 1.47. The stock’s 50 day simple moving average is $70.04 and its two-hundred day simple moving average is $76.27. ITT has a 12-month low of $63.77 and a 12-month high of $105.54.
ITT (NYSE:ITT – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. ITT had a net margin of 12.01% and a return on equity of 16.13%. The company had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. During the same quarter last year, the firm posted $0.94 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. Analysts expect that ITT will post 4.4 earnings per share for the current year.
ITT Announces Dividend
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the stock. Robert W. Baird decreased their target price on shares of ITT from $90.00 to $84.00 in a research note on Wednesday, May 4th. KeyCorp reduced their price objective on shares of ITT from $100.00 to $90.00 and set an overweight rating on the stock in a research report on Tuesday, July 12th. Stifel Nicolaus reduced their price objective 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. TheStreet cut shares of ITT from a b- rating to a c+ rating in a research report on Monday, July 11th. Finally, UBS Group upgraded shares of ITT from a neutral rating to a buy rating and reduced their price objective for the company from $107.00 to $95.00 in a research report on Friday, April 8th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $94.00.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors boosted its stake in ITT by 5.0% during the first quarter. Captrust Financial Advisors now owns 3,927 shares of the conglomerate’s stock worth $296,000 after buying an additional 188 shares during the period. Bridgewater Associates LP purchased a new position in ITT during the first quarter worth $371,000. Verition Fund Management LLC boosted its stake in ITT by 285.2% during the first quarter. Verition Fund Management LLC now owns 8,009 shares of the conglomerate’s stock worth $602,000 after buying an additional 5,930 shares during the period. American Century Companies Inc. boosted its stake 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 purchasing an additional 878 shares during the period. Finally, Ergoteles LLC purchased a new stake in shares of ITT during the first quarter valued at $696,000. 95.64% of the stock is owned by hedge funds and other institutional investors.
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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