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 (EPS) guidance of $5.80-5.86 for the period, compared to the consensus 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.

ITT Stock Performance

Shares of ITT stock traded down $1.20 during mid-day trading on Wednesday, reaching $144.86. 307,957 shares of the company’s stock traded hands, compared to its average volume of 383,301. ITT has a 12 month low of $91.94 and a 12 month high of $153.99. The firm has a 50 day moving average price of $142.60 and a two-hundred day moving average price of $136.03. The firm has a market capitalization of $11.84 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.55.

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

ITT Dividend Announcement

The company also recently disclosed 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 0.88%. The ex-dividend date is Friday, November 29th. ITT’s payout ratio is 24.90%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ITT shares. TD Cowen boosted their target price on shares of ITT from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, July 15th. The Goldman Sachs Group raised their price objective on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Stifel Nicolaus boosted their target price on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird lowered their price target on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, KeyCorp lifted their price objective on shares of ITT from $155.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, ITT has an average rating of “Buy” and a consensus target price of $156.11.

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.