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 ITT stock traded up $2.06 during trading hours on Friday, reaching $142.18. The company had a trading volume of 63,068 shares, compared to its average volume of 384,748. The firm has a market cap of $11.59 billion, a PE ratio of 23.91, a price-to-earnings-growth ratio of 1.92 and a beta of 1.40. The business has a fifty day moving average price of $142.90 and a 200-day moving average price of $136.12. ITT has a one year low of $95.53 and a one year high of $153.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.10 and a current ratio of 1.58.

ITT (NYSE:ITT) last announced its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. The business had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a net margin of 13.67% and a return on equity of 17.98%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.37 EPS. Sell-side analysts predict that ITT will post 5.82 earnings per share for the current fiscal year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, November 29th will be paid a $0.319 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.28 annualized dividend and a dividend yield of 0.90%. ITT’s dividend payout ratio (DPR) is 21.84%.

Analyst Ratings Changes

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