Brokers Set Expectations for ITT Inc.’s Q1 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities researchers at DA Davidson raised their Q1 2024 earnings per share (EPS) estimates for ITT in a research report issued to clients and investors on Wednesday, March 27th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will post earnings of $1.40 per share for the quarter, up from their prior forecast of $1.35. 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 $5.76 per share. DA Davidson also issued estimates for ITT’s FY2025 earnings at $6.75 EPS.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, February 8th. The conglomerate reported $1.34 EPS for the quarter, meeting analysts’ consensus estimates of $1.34. The business had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. ITT had a return on equity of 17.91% and a net margin of 12.50%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.29 earnings per share.

A number of other research firms also recently issued reports on ITT. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Stifel Nicolaus boosted their price objective on ITT from $122.00 to $131.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. Finally, Citigroup boosted their price objective on ITT from $122.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ITT has a consensus rating of “Buy” and an average target price of $124.57.

ITT Trading Down 0.2 %

ITT stock opened at $136.85 on Thursday. The stock has a 50-day moving average price of $125.45 and a two-hundred day moving average price of $112.68. ITT has a 12-month low of $75.82 and a 12-month high of $138.29. The company has a market cap of $11.24 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 1.89 and a beta of 1.42.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. IFP Advisors Inc lifted its stake in shares of ITT by 63.4% in the third quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 118 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in ITT in the third quarter valued at about $34,000. KB Financial Partners LLC bought a new stake in ITT in the first quarter valued at about $36,000. AdvisorNet Financial Inc increased its holdings in ITT by 101.0% in the fourth quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock valued at $48,000 after buying an additional 204 shares during the last quarter. Finally, Clearstead Advisors LLC increased its holdings in ITT by 81.7% in the third quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock valued at $54,000 after buying an additional 250 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

ITT Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 8th will be paid a $0.319 dividend. This is a boost from ITT’s previous quarterly dividend of $0.29. The ex-dividend date is Thursday, March 7th. This represents a $1.28 annualized dividend and a dividend yield of 0.93%. ITT’s payout ratio is 25.81%.

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.