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.

ITT Stock Performance

Shares of ITT traded up $2.06 during mid-day trading on Friday, hitting $142.18. The stock had a trading volume of 63,068 shares, compared to its average volume of 384,748. The company has a market cap of $11.59 billion, a PE ratio of 23.91, a PEG ratio of 1.92 and a beta of 1.40. The company’s fifty day simple moving average is $142.90 and its two-hundred day simple moving average is $136.12. The company has a quick ratio of 1.10, a current ratio of 1.58 and a debt-to-equity ratio of 0.17. ITT has a fifty-two week low of $95.53 and a fifty-two week high of $153.99.

ITT (NYSE:ITT) last announced its quarterly earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. ITT had a return on equity of 17.98% and a net margin of 13.67%. The company had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. During the same quarter in the previous year, the firm posted $1.37 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities analysts expect that ITT will post 5.82 earnings per share for the current year.

ITT Announces Dividend

The company 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. The ex-dividend date is Friday, November 29th. This represents a $1.28 dividend on an annualized basis and a yield of 0.90%. ITT’s dividend payout ratio (DPR) is currently 21.84%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ITT. Robert W. Baird lowered their target price on ITT from $165.00 to $163.00 and set an “outperform” rating for the company in a research note on Wednesday. The Goldman Sachs Group lifted their target price 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 lifted their price objective on ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. TD Cowen lifted their price objective on ITT from $150.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, KeyCorp lifted their price objective on 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 data from MarketBeat.com, ITT presently has a consensus rating of “Buy” and an average target price of $157.78.

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.