DA Davidson Weighs in on ITT Inc.’s Q3 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Investment analysts at DA Davidson issued their Q3 2024 EPS estimates for shares of ITT in a research note issued on Monday, August 5th. DA Davidson analyst M. Summerville expects that the conglomerate will post earnings of $1.43 per share for the quarter. The consensus estimate for ITT’s current full-year earnings is $5.83 per share. DA Davidson also issued estimates for ITT’s FY2024 earnings at $5.78 EPS and FY2025 earnings at $6.52 EPS.

Other research analysts have also issued research reports about the company. UBS Group raised their price objective on ITT from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Stifel Nicolaus lifted their price objective on ITT from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. KeyCorp increased their target price on ITT from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, TD Cowen raised their target price on shares of ITT from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 15th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $151.00.

ITT Stock Down 1.2 %

NYSE ITT opened at $127.46 on Tuesday. The company has a current ratio of 1.55, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock’s 50 day moving average is $131.90 and its 200 day moving average is $130.08. ITT has a 12 month low of $91.94 and a 12 month high of $149.65. The stock has a market cap of $10.49 billion, a PE ratio of 24.99, a P/E/G ratio of 1.81 and a beta of 1.41.

ITT (NYSE:ITT) last issued its quarterly earnings results on Thursday, August 1st. The conglomerate reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.03. ITT had a net margin of 12.47% and a return on equity of 18.30%. The business had revenue of $905.90 million for the quarter, compared to the consensus estimate of $916.38 million. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis.

Institutional Investors Weigh In On ITT

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Lynx Investment Advisory acquired a new stake in shares of ITT in the second quarter worth $27,000. Rise Advisors LLC grew its position in shares of ITT by 788.5% in the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 205 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of ITT in the 2nd quarter worth $32,000. Massmutual Trust Co. FSB ADV lifted its holdings in ITT by 71.4% in the second quarter. Massmutual Trust Co. FSB ADV now owns 348 shares of the conglomerate’s stock valued at $45,000 after acquiring an additional 145 shares during the last quarter. Finally, Blue Trust Inc. raised its position in ITT by 38.7% in the second quarter. Blue Trust Inc. now owns 423 shares of the conglomerate’s stock valued at $58,000 after purchasing an additional 118 shares during the period. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a $0.319 dividend. This represents a $1.28 annualized dividend and a yield of 1.00%. The ex-dividend date is Tuesday, September 3rd. ITT’s dividend payout ratio is presently 24.90%.

About ITT

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.