DA Davidson Analysts Raise Earnings Estimates for ITT Inc. (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities research analysts at DA Davidson lifted their FY2024 earnings per share estimates for ITT in a research note issued to investors on Wednesday, March 27th. DA Davidson analyst M. Summerville now anticipates that the conglomerate will earn $5.85 per share for the year, up from their prior forecast of $5.70. 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 $5.77 per share.

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

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

ITT Stock Down 0.6 %

Shares of NYSE:ITT opened at $136.03 on Friday. ITT has a 12-month low of $75.82 and a 12-month high of $138.29. The firm has a market capitalization of $11.17 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 1.88 and a beta of 1.42. The firm has a fifty day moving average of $125.80 and a two-hundred day moving average of $112.84.

Institutional Trading of ITT

Several institutional investors have recently made changes to their positions in the business. American Century Companies Inc. increased its holdings in shares of ITT by 10.5% in the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock valued at $696,000 after purchasing an additional 878 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in ITT by 9.5% during the 1st quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock worth $1,264,000 after purchasing an additional 1,462 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of ITT by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock valued at $2,359,000 after purchasing an additional 2,992 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of ITT by 3.5% during the first quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after buying an additional 2,592 shares in the last quarter. Finally, Synovus Financial Corp lifted its stake in ITT by 1.2% in the 1st quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock valued at $1,330,000 after acquiring an additional 208 shares in the last quarter. 91.59% of the stock is currently owned by institutional investors and hedge funds.

ITT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be given a dividend of $0.319 per share. The ex-dividend date of this dividend is Thursday, March 7th. This is a boost from ITT’s previous quarterly dividend of $0.29. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.94%. ITT’s payout ratio is currently 25.81%.

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.