ITT Inc. (NYSE:ITT) to Post Q2 2024 Earnings of $1.44 Per Share, DA Davidson Forecasts

ITT Inc. (NYSE:ITT) – Analysts at DA Davidson issued their Q2 2024 earnings per share estimates for ITT in a research report issued on Monday, May 6th. DA Davidson analyst M. Summerville expects that the conglomerate will post earnings of $1.44 per share for the quarter. DA Davidson currently has a “Buy” rating and a $155.00 target price on the stock. The consensus estimate for ITT’s current full-year earnings is $5.80 per share.

Several other equities research analysts have also issued reports on the company. KeyCorp raised their price objective on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Citigroup lifted their target price on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Stifel Nicolaus lifted their price objective on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $135.57.

ITT Price Performance

ITT stock opened at $134.63 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.59 and a debt-to-equity ratio of 0.09. ITT has a 52 week low of $75.82 and a 52 week high of $138.29. The company has a fifty day simple moving average of $129.75 and a two-hundred day simple moving average of $119.36. The firm has a market capitalization of $11.08 billion, a P/E ratio of 26.40, a price-to-earnings-growth ratio of 1.76 and a beta of 1.43.

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

Institutional Trading of ITT

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sei Investments Co. raised its stake in shares of ITT by 2.0% during the 1st quarter. Sei Investments Co. now owns 79,286 shares of the conglomerate’s stock worth $10,785,000 after buying an additional 1,589 shares during the period. Horizon Investment Services LLC raised its holdings in shares of ITT by 10.3% during the 1st quarter. Horizon Investment Services LLC now owns 16,201 shares of the conglomerate’s stock worth $2,204,000 after acquiring an additional 1,511 shares during the period. Tectonic Advisors LLC boosted its holdings in ITT by 9.5% in the 1st quarter. Tectonic Advisors LLC now owns 3,359 shares of the conglomerate’s stock valued at $457,000 after purchasing an additional 292 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in ITT by 68.0% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,757 shares of the conglomerate’s stock worth $919,000 after acquiring an additional 2,734 shares during the last quarter. Finally, Texas Permanent School Fund Corp raised its holdings in ITT by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 71,853 shares of the conglomerate’s stock valued at $9,774,000 after buying an additional 931 shares during the period. 91.59% of the stock is owned by institutional investors and hedge funds.

ITT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Monday, June 3rd. ITT’s payout ratio is 25.10%.

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.