ITT (NYSE:ITT) Updates FY24 Earnings Guidance

ITT (NYSE:ITT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.80-5.86 for the period, compared to the consensus earnings per share estimate of $5.84. The company issued revenue guidance of +10-12% yr/yr to ~$3.61-3.68 billion, compared to the consensus revenue estimate of $3.63 billion. ITT also updated its FY 2024 guidance to 5.800-5.860 EPS.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ITT. KeyCorp upped their target price on ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. TD Cowen upped their price objective on shares of ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday. Robert W. Baird reduced their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a report on Wednesday. Stifel Nicolaus boosted their target price on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their price target on shares of ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $157.78.

ITT Stock Performance

Shares of ITT stock traded down $4.71 during trading on Thursday, hitting $140.12. The company’s stock had a trading volume of 647,275 shares, compared to its average volume of 386,273. The business has a fifty day moving average of $142.90 and a 200-day moving average of $136.12. The company has a market cap of $11.45 billion, a PE ratio of 27.47, a P/E/G ratio of 1.92 and a beta of 1.40. ITT has a 52 week low of $91.94 and a 52 week high of $153.99. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07.

ITT (NYSE:ITT) last announced its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.03. The firm had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 18.30% and a net margin of 12.47%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $1.37 EPS. As a group, research analysts anticipate that ITT will post 5.84 earnings per share for the current year.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be paid a $0.319 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s payout ratio is 24.90%.

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.