Zacks Research Comments on ITT Inc.’s Q2 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities researchers at Zacks Research lifted their Q2 2024 earnings per share estimates for shares of ITT in a report released on Thursday, May 23rd. Zacks Research analyst R. Department now forecasts that the conglomerate will post earnings of $1.43 per share for the quarter, up from their previous forecast of $1.42. The consensus estimate for ITT’s current full-year earnings is $5.85 per share. Zacks Research also issued estimates for ITT’s Q4 2024 earnings at $1.49 EPS, FY2024 earnings at $5.78 EPS, Q3 2025 earnings at $1.74 EPS, Q4 2025 earnings at $1.76 EPS and FY2025 earnings at $6.51 EPS.

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

A number of other equities analysts have also weighed in on the company. DA Davidson boosted their target price on ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, March 26th. KeyCorp boosted their target price on ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Citigroup boosted their price target on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Stifel Nicolaus boosted their price target on ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $138.38.

ITT Price Performance

Shares of NYSE:ITT opened at $137.57 on Friday. ITT has a fifty-two week low of $75.82 and a fifty-two week high of $140.20. The business has a 50-day simple moving average of $132.65 and a two-hundred day simple moving average of $123.05. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.08 and a current ratio of 1.59. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of 26.97, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ITT. California Public Employees Retirement System grew its stake in shares of ITT by 1.3% during the 3rd quarter. California Public Employees Retirement System now owns 166,267 shares of the conglomerate’s stock valued at $16,279,000 after acquiring an additional 2,168 shares during the period. Private Advisor Group LLC lifted its holdings in ITT by 4.0% in the 3rd quarter. Private Advisor Group LLC now owns 4,149 shares of the conglomerate’s stock worth $406,000 after purchasing an additional 158 shares in the last quarter. NBC Securities Inc. purchased a new position in ITT in the 3rd quarter worth approximately $277,000. Victory Capital Management Inc. lifted its holdings in ITT by 14.7% in the 3rd quarter. Victory Capital Management Inc. now owns 327,936 shares of the conglomerate’s stock worth $32,108,000 after purchasing an additional 41,943 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of ITT by 198.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 64,364 shares of the conglomerate’s stock worth $6,302,000 after acquiring an additional 42,767 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.319 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.93%. ITT’s dividend payout ratio (DPR) is presently 25.10%.

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.