ITT (NYSE:ITT) updated its FY20 earnings guidance on Friday. The company provided EPS guidance of $3.90-4.10 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.99. The company issued revenue guidance of (2%) to 2% to $2.79-2.90 billion, compared to the consensus revenue estimate of $2.93 billion.ITT also updated its FY 2020
Pre-Market guidance to 3.72-4.02 EPS.
A number of equities analysts have commented on the stock. Oppenheimer upped their price objective on shares of ITT from to in a research report on Tuesday, January 7th. Bank of America downgraded shares of ITT from a buy rating to a neutral rating in a research report on Tuesday, December 17th. Robert W. Baird set a $75.00 price objective on shares of ITT and gave the stock a buy rating in a research report on Friday, November 1st. KeyCorp upped their price objective on shares of ITT from $70.00 to $80.00 in a research report on Wednesday, November 27th. Finally, DA Davidson upped their price objective on shares of ITT to $85.00 and gave the stock a buy rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. ITT presently has an average rating of Buy and a consensus target price of $74.38.
Shares of ITT traded down $3.62 during trading hours on Monday, reaching $67.57. The company had a trading volume of 24,169 shares, compared to its average volume of 660,381. The firm has a 50 day simple moving average of $70.94 and a 200-day simple moving average of $65.41. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.00 and a beta of 1.65. ITT has a 12-month low of $53.65 and a 12-month high of $75.56.
ITT declared that its Board of Directors has initiated a share buyback plan on Friday, November 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the conglomerate to reacquire up to 8.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other ITT news, Director Orlando D. Ashford sold 2,399 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $72.36, for a total transaction of $173,591.64. Following the completion of the transaction, the director now directly owns 20,215 shares in the company, valued at approximately $1,462,757.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.
ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.
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