ITT (NYSE:ITT) Issues FY 2024 Earnings Guidance

ITT (NYSE:ITT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 5.800-5.860 for the period, compared to the consensus estimate of 5.830. The company issued revenue guidance of $3.6 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. ITT also updated its FY24 guidance to $5.80-5.86 EPS.

Wall Street Analysts Forecast Growth

ITT has been the topic of several research reports. KeyCorp boosted their price target on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. TD Cowen lifted their price target on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. The Goldman Sachs Group lifted their target price 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. Robert W. Baird dropped their price target on shares of ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Stifel Nicolaus lifted their price objective on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, ITT presently has an average rating of “Buy” and an average target price of $156.11.

ITT Price Performance

Shares of ITT traded down $1.71 on Wednesday, hitting $144.35. The company’s stock had a trading volume of 259,544 shares, compared to its average volume of 382,779. The company has a market capitalization of $11.79 billion, a PE ratio of 28.38, a PEG ratio of 1.92 and a beta of 1.40. ITT has a fifty-two week low of $91.94 and a fifty-two week high of $153.99. The company has a 50 day moving average price of $142.60 and a 200 day moving average price of $136.03. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.55 and a quick ratio of 1.10.

ITT (NYSE:ITT) last announced its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 EPS for the quarter, topping the consensus estimate of $1.43 by $0.03. ITT had a return on equity of 18.30% and a net margin of 12.47%. The company had revenue of $885.20 million for the quarter, compared to analysts’ expectations of $884.50 million. During the same quarter in the prior year, the business earned $1.37 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, research analysts anticipate that ITT will post 5.84 earnings per share for the current fiscal year.

ITT Announces Dividend

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 dividend yield of 0.88%. The ex-dividend date is Friday, November 29th. ITT’s dividend payout ratio is presently 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.