ITT (NYSE:ITT) Releases Earnings Results, Beats Estimates By $0.02 EPS

ITT (NYSE:ITTGet Rating) announced its quarterly earnings results on Thursday. The conglomerate reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.02, Briefing.com reports. ITT had a return on equity of 15.90% and a net margin of 10.92%. The company had revenue of $733.30 million during the quarter, compared to analysts’ expectations of $715.19 million. During the same period in the prior year, the company earned $0.94 EPS. ITT’s revenue was up 6.0% compared to the same quarter last year. ITT updated its FY 2022 guidance to $4.35-$4.65 EPS and its FY22 guidance to $4.35-4.65 EPS.

ITT Stock Performance

Shares of ITT stock traded up $1.33 during mid-day trading on Friday, hitting $78.37. 505,932 shares of the stock were exchanged, compared to its average volume of 621,565. ITT has a 12 month low of $63.77 and a 12 month high of $105.54. The company has a 50-day simple moving average of $70.04 and a 200 day simple moving average of $76.27. The company has a market capitalization of $6.54 billion, a P/E ratio of 22.14, a P/E/G ratio of 1.47 and a beta of 1.47.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be given a $0.264 dividend. The ex-dividend date is Thursday, September 1st. This represents a $1.06 annualized dividend and a yield of 1.35%. ITT’s payout ratio is 29.94%.

Hedge Funds Weigh In On ITT

Several hedge funds have recently modified their holdings of ITT. American Century Companies Inc. lifted its position in shares of ITT by 10.5% during the 1st quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock worth $696,000 after buying an additional 878 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of 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 buying an additional 1,462 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of ITT by 10.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock worth $2,359,000 after purchasing an additional 2,992 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of ITT by 3.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after purchasing an additional 2,592 shares during the period. Finally, Synovus Financial Corp raised its holdings in shares of ITT by 1.2% in the 1st quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock worth $1,330,000 after purchasing an additional 208 shares during the period. Institutional investors own 95.64% of the company’s stock.

Wall Street Analyst Weigh In

ITT has been the subject of a number of research reports. The Goldman Sachs Group dropped their price target on ITT from $109.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 7th. DA Davidson lowered their target price on ITT from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Tuesday, June 21st. Robert W. Baird lowered their target price on ITT from $90.00 to $84.00 in a research report on Wednesday, May 4th. TheStreet lowered ITT from a “b-” rating to a “c+” rating in a research report on Monday, July 11th. Finally, Bank of America lowered ITT from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $113.00 to $74.00 in a research report on Monday, July 11th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, ITT presently has an average rating of “Moderate Buy” and an average price target of $94.00.

About ITT

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.

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Earnings History for ITT (NYSE:ITT)

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