Brokers Set Expectations for ITT Inc.’s Q1 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities researchers at DA Davidson boosted their Q1 2024 EPS estimates for shares of ITT in a note issued to investors on Wednesday, March 27th. DA Davidson analyst M. Summerville now forecasts that the conglomerate will post earnings of $1.40 per share for the quarter, up from their previous estimate of $1.35. DA Davidson currently has a “Buy” rating and a $155.00 price target on the stock. The consensus estimate for ITT’s current full-year earnings is $5.76 per share. DA Davidson also issued estimates for ITT’s FY2025 earnings at $6.75 EPS.

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

ITT Stock Performance

Shares of NYSE ITT opened at $136.85 on Thursday. The company has a market capitalization of $11.24 billion, a P/E ratio of 27.59, a price-to-earnings-growth ratio of 1.89 and a beta of 1.42. ITT has a 52-week low of $75.82 and a 52-week high of $138.29. The company’s 50 day moving average price is $125.45 and its 200-day moving average price is $112.68.

ITT (NYSE:ITT) last posted its earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.34. The firm had revenue of $829.10 million for 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 revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.29 EPS.

ITT Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 8th will be issued a dividend of $0.319 per share. This is an increase from ITT’s previous quarterly dividend of $0.29. The ex-dividend date is Thursday, March 7th. This represents a $1.28 annualized dividend and a yield of 0.93%. ITT’s dividend payout ratio is presently 25.81%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. IFP Advisors Inc grew its stake in shares of ITT by 63.4% in the 3rd quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 118 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of ITT in the 3rd quarter worth $34,000. AdvisorNet Financial Inc grew its stake in shares of ITT by 101.0% in the 4th quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after acquiring an additional 204 shares in the last quarter. KB Financial Partners LLC bought a new stake in shares of ITT in the 1st quarter worth $36,000. Finally, Bartlett & CO. Wealth Management LLC bought a new stake in shares of ITT in the 4th quarter worth $57,000. Institutional investors and hedge funds own 91.59% of the company’s stock.

About ITT

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.