ITT (NYSE:ITT) Updates FY24 Earnings Guidance

ITT (NYSE:ITT) updated its FY24 earnings guidance on Tuesday. 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 NYSE ITT traded down $4.71 during midday trading on Thursday, hitting $140.12. The company’s stock had a trading volume of 647,275 shares, compared to its average volume of 386,273. The stock has a fifty day moving average price of $142.90 and a 200 day moving average price of $136.12. The firm has a market capitalization of $11.45 billion, a price-to-earnings ratio of 27.47, a P/E/G ratio of 1.92 and a beta of 1.40. ITT has a one year low of $91.94 and a one year high of $153.99. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07.

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

ITT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s dividend payout ratio is presently 24.90%.

Analysts Set New Price Targets

Several analysts have issued reports on ITT shares. Stifel Nicolaus increased their target price on shares of ITT from $157.00 to $167.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. KeyCorp lifted their price objective on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. The Goldman Sachs Group upped their target price on ITT from $150.00 to $166.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. TD Cowen lifted their price target on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Robert W. Baird decreased their price objective on shares of ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, ITT currently has a consensus rating of “Buy” and a consensus 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.