Zacks Research Comments on ITT Inc.’s Q1 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities researchers at Zacks Research increased their Q1 2024 earnings estimates for ITT in a research report issued to clients and investors on Tuesday, April 30th. Zacks Research analyst R. Department now forecasts that the conglomerate will post earnings of $1.35 per share for the quarter, up from their prior forecast of $1.34. The consensus estimate for ITT’s current full-year earnings is $5.80 per share. Zacks Research also issued estimates for ITT’s FY2024 earnings at $5.69 EPS, Q2 2025 earnings at $1.59 EPS, FY2025 earnings at $6.48 EPS and FY2026 earnings at $7.46 EPS.

ITT (NYSE:ITT) last announced 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. The business had revenue of $829.10 million during the quarter, compared to analyst estimates of $814.38 million. ITT had a net margin of 12.50% and a return on equity of 17.91%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.29 EPS.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of ITT from $141.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. StockNews.com lowered shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Citigroup upped their target price on shares of ITT from $139.00 to $157.00 and gave the stock a “buy” rating in a report on Monday, April 8th. KeyCorp increased their price target on ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, DA Davidson upped their price objective on ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday, March 26th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $135.57.

ITT Stock Performance

Shares of NYSE:ITT opened at $129.29 on Thursday. The stock’s 50-day simple moving average is $129.28 and its two-hundred day simple moving average is $118.21. The stock has a market capitalization of $10.64 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 1.77 and a beta of 1.43. ITT has a 52-week low of $75.82 and a 52-week high of $138.29.

Hedge Funds Weigh In On ITT

A number of institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc raised its position in ITT by 63.4% in the 3rd quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock worth $30,000 after purchasing an additional 118 shares during the period. Rise Advisors LLC raised its holdings in shares of ITT by 788.5% in the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock worth $31,000 after buying an additional 205 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of ITT by 101.0% during the 4th quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after acquiring an additional 204 shares during the last quarter. Clearstead Advisors LLC boosted its holdings in ITT by 81.7% during the 3rd quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock valued at $54,000 after acquiring an additional 250 shares during the period. Finally, Tradewinds Capital Management LLC bought a new position in ITT in the 1st quarter valued at $68,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

ITT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 8th were issued a $0.319 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.99%. This is a boost from ITT’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, March 7th. ITT’s payout ratio is 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.