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

ITT (NYSE:ITTGet Rating) released its quarterly earnings data on Thursday. The conglomerate reported $0.98 EPS for the quarter, topping 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 firm had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. During the same quarter in the prior year, the company posted $0.94 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. ITT updated its FY 2022 guidance to $4.35-$4.65 EPS and its FY22 guidance to $4.35-4.65 EPS.

ITT Trading Up 1.7 %

ITT stock traded up $1.33 during midday trading on Friday, hitting $78.37. The stock had a trading volume of 505,932 shares, compared to its average volume of 621,565. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 22.14, a P/E/G ratio of 1.47 and a beta of 1.47. ITT has a 52 week low of $63.77 and a 52 week high of $105.54. The stock has a 50-day simple moving average of $69.94 and a 200 day simple moving average of $76.40.

ITT Dividend Announcement

The company also recently announced 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 dividend payout ratio (DPR) is currently 29.94%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. KeyCorp lowered their price target on ITT from $100.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Bank of America downgraded ITT from a “buy” rating to a “neutral” rating and lowered their price target for the company from $113.00 to $74.00 in a report on Monday, July 11th. Cowen lowered their price target on ITT from $105.00 to $92.00 in a report on Monday, June 13th. TheStreet downgraded ITT from a “b-” rating to a “c+” rating in a report on Monday, July 11th. Finally, Cowen lowered their price target on ITT from $105.00 to $92.00 and set an “outperform” rating on the stock in a report on Monday, June 13th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its position in ITT by 4.0% in the first quarter. State Street Corp now owns 2,254,374 shares of the conglomerate’s stock worth $170,136,000 after purchasing an additional 87,718 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of ITT by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,059,146 shares of the conglomerate’s stock valued at $79,667,000 after acquiring an additional 6,511 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of ITT by 58.4% during the first quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock valued at $68,741,000 after acquiring an additional 336,860 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of ITT by 3.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 719,617 shares of the conglomerate’s stock valued at $54,123,000 after acquiring an additional 23,423 shares during the period. Finally, Capital Group Private Client Services Inc. lifted its holdings in shares of ITT by 35.5% during the first quarter. Capital Group Private Client Services Inc. now owns 689,486 shares of the conglomerate’s stock valued at $51,856,000 after acquiring an additional 180,753 shares during the period. 95.64% of the stock is owned by institutional investors.

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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